EUR/USD Technical Analysis: EUR/USD finding support at 1.1723 level ahead of FOMC

• EUR/USD main bear trend is transitioning to bullish as EUR/USD is trading above its 100-day simple moving average.
• EUR/USD is pulling back to the 1.1723 support (September 24 low) where it is finding support. EUR/USD is trading well above its 50, 100 and 200-period simple moving averages while the RSI, MACD and Stochastics indicators are decelerating. The bullish bias remains intact ahead of the FOMC.
• Bears need a convincing break below 1.1700 in order to slow down the bullish advance.   

EUR/USD 4-hour chart

Spot rate:             1.1741
Relative change:  -0.24%  
High:                    1.1776
Low:                     1.1730

Main trend:                    Bullish

Resistance 1:   1.1750 key resistance (July)
Resistance 2:   1.1800 figure
Resistance 3:   1.1853 June 14 high
Resistance 4:   1.1900 figure

Support 1:   1.1723 September 24 low
Support 2:   1.1654 August 27 high
Support 3:   1.1630 August 8 high key level
Support 4:   1.1600 figure
Support 5:   1.1572 July 19 low
Support 6:   1.1542 supply/demand level
Support 7:   1.1530 August 23 swing low
Support 8:   1.1508 June 8 low