EUR/USD Technical Analysis: Euro bulls looking for a breakout above 1.1630 strong resistance

• EUR/USD is trading in a bull leg above its 50-period simple moving average on the 4-hour chart.
• EUR/USD is holding above 1.1530 for the third consecutive day. The bulls are challenging the 100 SMA as the market is trading in a tight 30 pip range below the 1.1600 figure. The RSI, MACD and Stochastic indicators are constructive for more gains. The 1.1600-1.1630 resistance might be hard to break but if it does the bull run might accelerate to 1.1700 figure. 
• On the flip side, a bear breakout below 1.1530 would likely invalidate the current bullish bias.

EUR/USD 4-hour chart 

Spot rate:             1.1583
Relative change:  0.03%  
High:                    1.1599
Low:                     1.1565

Main trend:             Bearish
Short-term trend:    Bullish

Resistance 1:   1.1600 figure
Resistance 2:   1.1630 August 8 high key level
Resistance 3:   1.1654 August 27 high

Support 1:   1.1569 Sept. 28 low
Support 2:   1.1530 August 23 swing low (key level)
Support 3:   1.1500 figure and October 2 swing low 
Support 4:   1.1463 October 4 low
Support 5:   1.1430 October 9 low