EUR/USD Technical Analysis: It is all about 1.1630 key level

• EUR/USD bulls are challenging the main bear trend by threatening to breakout above the 1.1628 key level.
• EUR/USD bulls have taken the lead on the last day of the week. The 50-period simple moving average crossed above the 100 SMA while the 200 SMA is flat. The market did not break below the bull trendline from August 15, all suggesting moderate bullish activity. A sustained bull breakout above 1.1628 would open the gates for this week bull leg to carry on while a failure at the level would see the market trading sideways to down.
• At this point, it is pretty much a 50/50 situation as both bulls and bears have valid arguments. How the market is going to react in the coming hours in the 1.1600-1.1628 zone is going to be key in order to establish a bias.

EUR/USD 15-minute chart

Spot rate:             1.1590
Relative change:  -0.44%  
High:                    1.1601
Low:                     1.1534

Main trend:           Bearish below 1.1628

Resistance 1:  1.1600 figure
Resistance 2:  1.1628 August 8 high
Resistance 3:  1.1667 August 2 high
Resistance 4:  1.1750 supply level

Support 1:   1.1572 July 19 low
Support 2:   1.1542 supply/demand level
Support 3:   1.1500 figure
Support 4:   1.1483 intraday swing high (August 10)
Support 5:   1.1445 last week high
Support 6:   1.1430 August 14 high