EUR/USD Technical Analysis: Mission accomplished at 1.1662 - More down to 1.1630 key level

• EUR/USD bear trend has been on hold in the last weeks of August as bulls managed to bring the market near 1.1750 main July resistance.
• EUR/USD is retracing down after finding heavy resistance near 1.1750. The market has evolved in a somewhat wedgy fashion and the bulls are starting to break below the bull trendline as they hit 1.1662 target. The next major scaling point to the downside will be 1.1628 (August 8 high key level) followed by 1.1600 figure. 
• A bull breakout above 1.1750 would invalidate the bearish bias.

EUR/USD 4-hour chart 

Spot rate:             1.1667
Relative change:   -0.23%  
High:                    1.1698
Low:                     1.1651

Main trend:           Bearish below 1.1750

Resistance 1:  1.1700 figure
Resistance 2:  1.1750 supply level
Resistance 3:  1.1800 figure
Resistance 4:  1.1850 June 14 swing high

Support 1:   1.1662 swing low
Support 2:   1.1654 August 27 high, Asia high
Support 3:   1.1628 August 8 high key level
Support 4:   1.1600 figure
Support 5:   1.1572 July 19 low
Support 6:   1.1542 supply/demand level