EUR/USD Technical Analysis: EUR/USD bulls on fire targeting 1.1572 and beyond

• EUR/USD bear trend is on hold as bulls have taken the lead for the fifth day in a row. 
• EUR/USD broke above the bull channel and is currently trading above the 50, 100 and 200-period simple moving averages suggesting strong bullish momentum. Bulls next target is the current daily high at 1.1542 followed by 1.1572 July 19 low and 1.1600-1.1620 area. 
• A sustained bear breakout below 1.1400 would negate the bullish bias.

EUR/USD 15-minute chart

Spot rate:             1.1537
Relative change:   0.48%  
High:                    1.1542
Low:                     1.1480

Main trend:                  Bearish 
Short-term trend:         Bullish above 1.1400

Resistance 1:  1.1542 current daily high
Resistance 2:  1.1572 July 19 low
Resistance 3:  1.1600-1.1620 area, figure and July 27 low
Resistance 4:  1.1667 August 2 high

Support 1:   1.1506 June 21 low
Support 2:   1.1483 intraday swing high (August 10)
Support 3:   1.1445 last week high
Support 4:   1.1430 August 14 high 
Support 5:   1.1400 figure