Chart EUR/USD Update: Extending pressure on 1.1600 - room for lower
The minor bounce from congestion support at 1.1600 has been pushed back from 1.1665
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1900 | ** | Jul-Sep 2021 break level | S1 | 1.1600 | * | congestion | |
| R3 | 1.1830 | ** | 1 Jul YTD high | S2 | 1.1500 | ** | congestion | |
| R2 | 1.1750 | * | break level | S3 | 1.1400 | ** | congestion | |
| R1 | 1.1700 | * | congestion | S4 | 1.1360 | ** | 61.8% ret of May-Jul rally |
*Asterisk denotes strength of level
08:30 BST - The minor bounce from congestion support at 1.1600 has been pushed back from 1.1665, as intraday studies turn down, with prices once again pressuring congestion support at 1.1600. Daily stochastics and the daily Tension Indicator have turned down, however, and broader weekly charts are also falling, suggesting room for further losses in the coming sessions. A break below 1.1600 will add weight to sentiment and open up the 1.1528 low of 5 August and further congestion around 1.1500. Still deeper losses cannot be ruled out. Meanwhile, resistance remains at congestion around 1.1700. An unexpected close above here, will open up 1.1750, where fresh selling interest is expected to appear.