- EUR/USD bears took the lead after the release of the Non-Farm Payroll which came better than expected at 201K vs. 191K expected. EUR/USD bears are eager to resume the main bear trend but a clear break below 1.1530 key support will be needed.
- EUR/USD is currently trying to break below the 100 and 200-period simple moving averages while the market is creating a triangle (blue lines).
- In the short-term, the currency pair has a neutral to bullish stance as long as it stays above 1.1530. The reaction at 1.1530 will be crucial in determining the short-term trend. A bear breakout below the level would likely lead to an acceleration of the main bear trend towards 1.1508 (June 8 low).
EUR/USD 4-hour chart
Spot rate: 1.1573
Relative change: -0.42%
Main trend: Bearish
Short-term trend: Bullish above 1.1600
Resistance 1: 1.1600 figure
Resistance 1: 1.1630 August 8 high key level
Resistance 2: 1.1654 August 27 high
Resistance 3: 1.1700 figure
Resistance 4: 1.1750 key resistance (August)
Support 2: 1.1572 July 19 low
Support 3: 1.1542 supply/demand level
Support 4: 1.1530 August 23 swing low
Support 5: 1.1508 June 8 low