EURUSD H4: Rebound from Support Target Resistance at 1.1704Euro vs. US DollarFX:EURUSDthetradeguru_fxTechnical Analysis Timeframe: 4-Hour (H4) Current Price: ~1.1630 Trendline Breakout & Consolidation: The price broke above the key descending trendline that capped lower highs throughout late August. It is currently forming a tight bullish consolidation (bull flag pattern) just above the breakout point. Support Zone (1.1584 – 1.1600): A demand zone highlighted on the chart. Notice the long lower wick on September 1–3, showing strong rejection of lower prices at the 1.1584 level. Resistance Target (1.1700 – 1.1705): The major supply zone sitting at the previous highs. A successful push out of the flag structure projects towards this upper resistance area. Outlook: As long as price holds above the 1.1600 horizontal support area, the setup favors bulls anticipating a retest of 1.1704. Fundamental Context Central Bank Dynamics: Markets are weighing upcoming interest rate policy decisions from both the European Central Bank (ECB) and the Federal Reserve. US Economic Data: Strong US jobs data briefly lifted the US Dollar, driving the pullback into support. However, persistent Eurozone inflation expectations have helped the Euro regain strength at technical support. Macro Catalyst: A failure to push EUR/USD lower despite robust US labor numbers highlights underlying Euro strength, adding weight to the bullish technical setup. Disclaimer: This analysis is provided for educational and informational purposes only and does not constitute financial or investment advice. Foreign exchange trading carries a high level of risk and may not be suitable for all investors. Always perform your own research and manage risk accordingly.