EUR/USD Technical Analysis: 1.1600 mission accomplished - Bulls have a floor - 1.1630 next target

• Bulls are challenging the main bear trend as they are preventing bears to break below the key 1.1530 level.
• EUR/USD is finding a floor above 1.1530 swing low, additionally supported by the 100-period simple moving average (SMA) on the 4-hour chart. Although EUR/USD got rejected at the 1.1600 level, the market has created a small double bottom and if bulls manage to pierce through 1.1600 again, then the next key resistance to look for is 1.1630 (August 8 high key level). 
• A bear breakout below 1.1530 would invalidate the bullish bias and see the main bear trend resume.

EUR/USD 4-hour chart

Spot rate:             1.1585
Relative change:   0.03%  
High:                    1.1609
Low:                     1.1542

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

Resistance 1:   1.1572 July 19 low
Resistance 2:   1.1600 figure
Resistance 3:   1.1630 August 8 high key level

Support 1:   1.1542 supply/demand level
Support 2:   1.1530 August 23 swing low
Support 3:   1.1508 June 8 low

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