EUR/USD Technical Analysis: Move above 1.17 could embolden the bulls

• The EUR/USD has scaled rising trendline and has charted a bull flag-like pattern on the hourly chart. ECB's Nowotny's comments have put a bid under the common currency.
• A break above 1.17 (top end of the flag) would signal bullish revival and open the doors to re-test of the recent high of 1.1733. A violation there would expose resistance at 1.1751 (July 23 high).
• A move below the lower end of the flag would mean a temporary top has been made at 1.1733 and could yield a deeper pullback to 1.16.

Hourly chart

Spot Rate: 1.1685

Daily High: 1.1690

Daily Low: 1.1660

Trend: Bullish above 1.16

Resistance

R1: 1.17 (flag hurdle)

R2: 1.1733 (recent high)

R3: 1.1751 (July 21 high)

Support

S1: 1.1660 (session low)

S2: 1.1642 (Aug. 30 low support on the hourly chart)

S3: 1.1624 (200-hour moving average)