EUR/USD Technical Analysis: EUR/USD supported above 1.1650 ahead of Draghi’s speech

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  • EUR/USD main bear trend is on hold since mid-August.
  • EUR/USD is consolidating the breakout from the triangle pattern (blue lines) above the (green) bull trendline and the 50 and 100-period simple moving averages. 
  • The currency pair remains bullish ahead of Mario Draghi’s speech, President of the European Central Bank, scheduled at 13:00 GMT. The event can lead to lots of volatility in the forex market and especially on the Euro currency.
  • Main supports are seen near 1.1600-1.1630 while targets to the upside are the 1.1750 key resistance level followed by 1.1800 figure. A break below 1.1530 would likely invalidate the bullish bias 

EUR/USD 4-hour chart


	EUR/USD Technical Analysis: EUR/USD supported above 1.1650 ahead of Draghi’s speech

Spot rate:             1.1672
Relative change:   0.06%  
High:                    1.1715
Low:                     1.1653

Main trend:                    Bearish
Short-term trend:           Bullish above 1.1530

Resistance 1:   1.1722 last week high
Resistance 2:   1.1750 key resistance (July)
Resistance 3:   1.1800 figure
Resistance 4:   1.1853 June 14 high

Support 1:   1.1654 August 27 high
Support 2:   1.1630 August 8 high key level
Support 3:   1.1600 figure
Support 4:   1.1572 July 19 low
Support 5:   1.1542 supply/demand level
Support 6:   1.1530 August 23 swing low
Support 7:   1.1508 June 8 low

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