EUR/USD Technical Analysis: Bulls need to defend this rising trendline

• The EUR/USD 4-hour chart shows a bearish divergence of the relative strength index (RSI). So, the pair could feel the pull of gravity. That said, the immediate outlook remains bullish as long as the rising trendline is intact.
• The intraday outlook or the pullback would gather pace if the pair finds acceptance below the ascending trendline support, currently seen at 1.1653.

4-hour chart

Spot Rate: 1.1697

Daily High: 1.1714

Daily Low: 1.1695

Trend: Bearish

Resistance

R1: 1.1714 (session high)

R2: 1.1748 (100-day MA)

R3: 1.1791 (July 9 high)

Support

S1: 1.1679 (5-day MA)

S2: 1.1653 (ascending trendline support)

S3: 1.1618 (50-day MA)

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