EUR/USD Technical Analysis: Reverse Head-and-Shoulders pattern can send Euro to 1.1600 figure

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  • EUR/USD is evolving in a bear leg below its 50, 100 and 200-period simple moving average. 
  • EUR/USD is forming a reverse head-and-shoulders pattern. If bulls manage to break 1.1530 key level the next objective becomes 1.1569 (Sept. 28 low) and 1.1600 figure in the coming sessions.
  • However, a sustained bear breakout below 1.1430 (October 9 low) would invalidate the current bullish bias.

EUR/USD 4-hour chart


	EUR/USD Technical Analysis: Reverse Head-and-Shoulders pattern can send Euro to 1.1600 figure

Spot rate:             1.1492
Relative change:   0.00%  
High:                    1.1515
Low:                     1.1479

Main trend:         Bearish

Resistance 1:   1.1500 figure and October 2 swing low 
Resistance 2:   1.1530 August 23 swing low
Resistance 3:   1.1569 Sept. 28 low
Resistance 4:   1.1600 figure
Resistance 5:   1.1630 August 8 high key level
Resistance 6:   1.1654 August 27 high

Support 1:   1.1463 October 4 low
Support 2:   1.1430 October 9 low
Support 3:   1.1400 figure
Support 4:   1.1350 figure

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