EUR/USD Technical Analysis: Minor pullback could be in the offing before further upside unfolds

• The EUR/USD could revisit former resistance-turned-support level of 1.1750 before building on a bullish close above 1.17, as the hourly chart is showing a bearish divergence of the relative strength index. Further, the MACD on the hourly chart has adopted a bearish bias.
• The minor pullback, if any, could be short-lived as the overall bias is bullish. The 5-day, 10-day moving averages (MAs) are trending north, the daily RSI is holding above 50.00 (in a bull territory) and the daily MACD is indicating the bullish move is gathering pace.

Hourly Chart

Spot Rate: 1.1780

Daily High: 1.1787

Daily Low: 1.1773

Trend: Intraday bearish

Resistance

R1: 1.1780 (38.2% Fib R of Feb high/Aug low)

R2: 1.1840 (June 7 high)

R3: 1.1852 (June 14 high)

Support

S1: 1.1751 (July 23 high)

S2: 1.1715 (bullish 5-day moving average)

S3: 1.1669 (previous day's low)

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