EUR/USD Technical Analysis: Bears starting the rotation down below 1.1630 key level

• Bulls have been challenging the main bear trend on a break above 1.1628 key swing high. 
• EUR/USD is trading sideways below the 1.1628 level. The 50-period simple moving average crossed below the 200 SMA suggesting that the bullish momentum is progressively abating. Bears objective is to keep the market from rising above 1.1628 and start a rotation down targeting 1.1500 and 1.1400 figure. 
• A bull breakout above 1.1628 would invalidate the bearish bias. 

EUR/USD 15-minute chart 

Spot rate:             1.1582
Relative change: -0.13%  
High:                    1.1600
Low:                     1.1542

Main trend:                  Bearish below 1.1628

Resistance 1:  1.1628 August 8 high
Resistance 2:  1.1667 August 2 high
Resistance 3:  1.1750 supply level

Support 1:   1.1572 July 19 low
Support 2:   1.1542 supply/demand level
Support 3:   1.1506 June 21 low
Support 4:   1.1483 intraday swing high (August 10)
Support 5:   1.1445 last week high
Support 6:   1.1430 August 14 high