EUR/USD Technical Analysis: Bulls supporting EUR/USD above 1.1580 level

• EUR/USD bulls are in control on Tuesday as buyers are pressing their bets to force the single currency to close the day near its highs.
• EUR/USD is currently trying to form a double bottom with June 28 low at 1.1527. EUR/USD is now trading above its 50, 100 and 200-period simple moving average suggesting short-term bullish pressure.
• Bulls objective is to breakout above the 1.1600-1.1620 area in order to reach the 1.1640-1.1649 zone. If bulls are able to maintain the price above 1.1527 the bullish momentum should persist. On the flip side, failure to hold prices above 1.1527 might signal that the bullish pullback is over and a resumption of the bear trend.

EUR/USD 15-minute chart

EUR/USD daily chart

Spot rate:             1.1590
Relative change:   0.40%  
High:                    1.1608
Low:                     1.1546

Trend:                  Bearish / Double bottom with June 28 low at 1.1527, bullish pullback

Resistance 1: 1.1600-1.1620 area, figure and July 27 low
Resistance 2: 1.1640-1.1649 area, key level and July 12 low 
Resistance 3: 1.1672 June 27 high
Resistance 4: 1.1700 figure
Resistance 5: 1.1750 supply level
Resistance 6: 1.1760-1.1795 supply levels
Resistance 7: 1.1851-1.1854 area, June high and 38.2% Fibonacci retracement from mid-April-May bear move

Support 1:  1.1571-1.1581 August 6 high and August 2 low
Support 2:  1.1527 June 28 low
Support 3:  1.1508 current 2018 low
Support 4:  1.1370 July 13, 2017 1.1370 low