EUR/USD Technical Analysis: Small correction up can lead to 1.1600 figure

• EUR/USD bears broke below the 200-period simple moving average (SMA) (4-hour) as they are eager to resume the main bear trend. 
• While EUR/USD bias is down with the main support level at 1.1530 swing low, the market is currently finding some short-term support near the 1.1550 level close to the bottom of the bear channel and the 100-period SMA, suggesting that the market might be consolidating the recent leg down in the very short-term.
• Resistance can be expected at the 1.1600 figure if the bulls manage to get there. It is important to note that EUR/USD remains vulnerable to the downside.

EUR/USD 4-hour chart

Spot rate:             1.1563
Relative change:   -0.49%  
High:                    1.1625
Low:                     1.1549

Main trend:               Bearish
Short-term trend:      Bullish correction above 1.1550

Resistance 1:   1.1572 July 19 low
Resistance 2:   1.1600 figure
Resistance 3:   1.1628 August 8 high key level

Support 1:   1.1542 supply/demand level
Support 2:   1.1530 swing low
Support 3:   1.1508 June 8 low