EUR/USD Technical Analysis: Triangle compression pattern can send EUR/USD to 1.1750 level

• EUR/USD bulls have put the main bear trend on hold since mid-August. 
• EUR/USD is consolidating the August bull rally in a triangle compression pattern (blue lines). The bulls have used 1.1530 as support many times in the last months making it a rather strong level. The market is currently ranging as the 50, 100 and 200-period simple moving averages are relatively flat.
• As long as EUR/USD stays above 1.1530, bulls next targets are 1.1630 and 1.1750. Conversely, a bear breakout below 1.1530 would invalidate the bullish bias. 

EUR/USD 4-hour chart 

Spot rate:             1.1598
Relative change:   0.39%  
High:                    1.1616
Low:                     1.1525

Main trend:                    Bearish
Short-term trend:           Bullish above 1.1530

Resistance 1:   1.1600 figure
Resistance 2:   1.1630 August 8 high key level
Resistance 3:   1.1654 August 27 high
Resistance 4:   1.1700 figure
Resistance 5:   1.1750 key resistance (August)

Support 1:   1.1572 July 19 low
Support 2:   1.1542 supply/demand level
Support 3:   1.1530 August 23 swing low
Support 4:   1.1508 June 8 low