EUR/USD Technical Analysis: Bulls breaking 1.1700 resistance level en route to 1.1750 level

• EUR/USD bear trend is currently on hold as buyers are creating a strong bull reversal. 
• EUR/USD is relentlessly advancing in a bull channel with rising and widening simple moving averages suggesting a strong bull momentum. Buyers have conquered the 1.1700 figure and the next target is the 1.1750 supply level which was an important level in July.
• A sustained bear breakout below 1.1542 would invalidate the bullish momentum. 

EUR/USD 15-minute chart

Spot rate:             1.1711
Relative change:   0.27%  
High:                    1.1722
Low:                     1.1662

Main trend:           Bearish 
Short-term trend:  Bullish above 1.1542

Resistance 1:  1.1750 supply level
Resistance 2:  1.1800 figure
Resistance 3:  1.1850 June 14 swing high

Support 1:   1.1700 figure
Support 2:   1.1667 August 2 high
Support 3:   1.1654 August 27 high, Asia high
Support 4:   1.1628 August 8 high key level
Support 5:   1.1600 figure
Support 6:   1.1572 July 19 low
Support 7:   1.1542 supply/demand level