EUR/USD Technical Analysis: Traders hit panic button as EUR/USD falls below 1.1600 on Italian crisis

• EUR/USD bears want to re-establish the bear trend of the last months as the EUR/USD is falling through many support levels.
• EUR/USD is trading below its 50, 100 and 200-period simple moving average as the MACD indicator is in negative territories, suggesting short-term bearish momentum.
• A break below 1.1530 would be bearish for EUR/USD. Above it, EUR/USD bulls will try to support the market. The RSI and Stochastics are deeply in oversold condition suggesting that bulls might start to slowly show up above 1.1530. 

EUR/USD 4-hour chart

Spot rate:             1.1582
Relative change:  -0.50%  
High:                    1.1758
Low:                     1.1670

Main trend:                    Bullish

Resistance 1:   1.1600 figure
Resistance 2:   1.1630 August 8 high key level
Resistance 3:   1.1654 August 27 high
Resistance 4:   1.1723 September 24 low
Resistance 5:   1.1750 key level (July)
Resistance 6:   1.1800 figure
Resistance 7:   1.1853 June 14 high
Resistance 5:   1.1900 figure

Support 1:   1.1572 July 19 low
Support 2:   1.1542 supply/demand level
Support 3:   1.1530 August 23 swing low
Support 4:   1.1508 June 8 low