EUR/USD Technical Analysis: Falling wedge breakout may have emboldened bulls

• The descending broadening wedge breakout, a bullish pattern, seen in the EUR/USD chart indicates the pullback from the recent high of 1.1733 has likely ended and the bull run from 1.1301 has resumed.
• The pair has also found acceptance above the 200-hour moving average (MA) hurdle of 1.1643.
• The recovery from 1.1530 has also established a higher low on the daily chart. The outlook as per the daily chart would turn bullish again if the pair establishes higher highs above 1.1733. The falling wedge breakout seen in the hourly chart does indicate scope for a move above 1.1733.
• Only a daily close below 1.1530 would signal a bear revival.

Hourly chart

Spot Rate: 1.1648

Daily High: 1.1659

Daily Low: 1.1629

Trend: Bullish

Resistance

R1: 1.1656 (61.8% Fib R of the pullback)

R2: 1.17 (psychological hurdle)

R3: 1.1733 (Aug. 28 high)

Support

S1: 1.1629 (session low)

S2: 1.1585 (Aug. 31 low support on the hourly chart)

S3: 1.1530 (Sep. 4 low)