Chart EUR/USD Update: Leaning lower in range
Cautious trade beneath resistance at 1.1750 has given way to a pullback
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1830 | ** | 1 Jul YTD high | S1 | 1.1600 | * | congestion | |
| R3 | 1.1789 | * | 24 Jul (w) 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 - Cautious trade beneath resistance at 1.1750 has given way to a pullback, with the break below 1.1700 currently trading around 1.1665. Intraday studies are falling and daily readings are coming under pressure, suggesting room for continuation down to congestion support at 1.1600. Broader weekly charts are also coming under pressure, pointing to room for a later break beneath here. This will complete a multi-week distribution pattern within 1.1600-1.1700 as focus then turns to 1.1400. Meanwhile, resistance is lowered to congestion around 1.1700 and extends to 1.1750. This range should continue to cap any immediate tests higher.