EUR/USD Technical Analysis: Rebound confirms bullish short-term momentum

• The pair rebounded at the 20-SMA in 4-hour chart at 1.1580 and rose back above 1.1600, signaling that the positive tone in the short-term remains in place.
• Upside to face resistance at 1.1630 (55-SMA in 4-hour chart); a break higher likely to add more positive momentum to the pair.
• Key resistance is seen around 1.1.700: psychological level and a downtrend line. If the euro rises above an extension to 1.1750 seems likely.
• A consolidation below 1.1580 would expose weekly lows and negate the upside bias.

EUR/USD 15-minutes chart

Spot rate:               1.1618
High:                     1.1627
Low:                      1.1572

Resistance 1:        1.1630
Resistance 2:        1.1655
Resistance 3:        1.1690

Support 1:             1.1600
Support 2:             1.1580
Support 3:             1.1550