EUR/USD Technical Analysis: Mission accomplished as EUR/USD hit 1.1630 key level - 1.1530 next bear target

• EUR/USD is attempting to resume the main bear trend by rotating below 1.1750 key resistance level.
• EUR/USD almost reached the key level of 1.1628. A breach below the level should open the gates to 1.1528 swing low. EUR/USD broke below the bull trendline and the RSI, Stochastics and MACD indicators are all bearish, suggesting that the risk is skewed to the downside.
• A bull breakout above 1.1750 would invalidate the bearish bias.

EUR/USD 4-hour chart

Spot rate:             1.1640
Relative change:   -0.27%  
High:                    1.1691
Low:                     1.1633

Main trend:   Bearish below 1.1750

Resistance 1:  1.1654 August 27 high, Asia high
Resistance 2:  1.1662 swing low
Resistance 3:  1.1700 figure
Resistance 4:  1.1750 supply level
Resistance 5:  1.1800 figure
Resistance 6:  1.1850 June 14 swing high

Support 1:   1.1628 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 swing low