EUR/USD Technical Analysis: Lots of noise for nothing – First down day in five – EUR/USD bears need to do better than this

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  • EUR/USD main bear trend is on hold since mid-August where EUR/USD established a bottom at the 1.1300 figure. 
  • This Friday, EUR/USD bears drove the market down to 1.1630 support after a failed breakout above 1.1700 resistance. This is the first down day in five and EUR/USD bears will need to continue hammering down the market below 1.1530 key support in order to reclaim a strong bearish directional bias.
  • EUR/USD is still trading above its 50, 100 and 200-period simple moving averages while the RSI and Stochastics indicators are trading down from overbought condition. All-in-all suggesting that the market might need to consolidate more before setting up for the next directional move.
  • A bear breakout below 1.1530 would invalidate the bullish bias. 

EUR/USD 4-hour chart 


	EUR/USD Technical Analysis: Lots of noise for nothing - First down day in five - EUR/USD bears need to do better than this

Spot rate:             1.1639
Relative change:  -0.44%  
High:                    1.1722
Low:                     1.1626

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

Resistance 1:   1.1654 August 27 high
Resistance 2:   1.1700 figure
Resistance 3:   1.1750 key resistance (July)
Resistance 4:   1.1800 figure

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

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