EUR/USD Technical Analysis: Potential wedge top in the making can see EUR/USD back to 1.1630 level

• EUR/USD bear trend is on hold as bulls have taken the lead in the last weeks of trading.
• EUR/USD bull leg is facing some headwinds as it is heading into a strong resistance level near 1.1750. The market has evolved in a somewhat wedgy fashion which adds to the bear case. If the market is unable to break above 1.1750 on a sustained basis, a rotation down is almost bound to happen. Short-term targets to the downside are located at 1.1662 (swing low) and 1.1628 (August 8 high key level). 
• A bull breakout above 1.1750 would invalidate the bear case. 

EUR/USD 4-hour chart

Spot rate:             1.1695
Relative change:   0.13%  
High:                    1.1734
Low:                     1.1662

Main trend:           Bearish below 1.1750

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

Support 1:   1.1700 figure
Support 2:   1.1662 swing low
Support 3:   1.1654 August 27 high, Asia high
Support 4:   1.1628 August 8 high key level
Support 5:   1.1600 figure
Support 6:   1.1572 July 19 low
Support 7:   1.1542 supply/demand level