EUR/USD Technical Analysis: Bullish menace persists - 1.1700 target

• EUR/USD main bear trend has been under pressure in the second half of August. 
• However, EUR/USD is finding support at the 1.1600 figure and the 200-period simple moving average (SMA) on the 4-hour chart. The 50 SMA is trading above the 100 and 200 SMA suggesting bullish activity. The Stochastics indicator is now leaving the oversold condition and starting to rise up. 
• If bulls manage to breakout above 1.1628 key level, the next objective becomes 1.1700 figure.  

EUR/USD 4-hour chart

Spot rate:             1.1618
Relative change:   0.14%  
High:                    1.1628
Low:                     1.1589

Main trend:           Bearish
Short-term trend:  Bullish above 1.1628 key level

Resistance 1:  1.1628 August 8 high key level
Resistance 2:  1.1654 August 27 high, Asia high
Resistance 3:  1.1662 swing low
Resistance 4:  1.1700 figure
Resistance 5:  1.1750 strong supply level
Resistance 6:  1.1800 figure
Resistance 7:  1.1850 June 14 swing high

Support 1:   1.1600 figure
Support 2:   1.1572 July 19 low
Support 3:   1.1542 supply/demand level
Support 4:   1.1530 swing low