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Published: 2025-07-07T07:52:03.000Z

Chart EUR/USD Update: Room for a minor pullback

byMike Macdonald

Senior Technical Strategist
1

Cautious trade is giving way to a test lower

 LevelsImpComment  LevelsImpComment
R41.2000/20**cong; 38.2% ret of 2008-2022 fall S11.1700*congestion
R31.1900*congestion S21.1600*congestion
R21.1830**1 Jul YTD high S31.1500*congestion
R11.1800*congestion S41.1446*19 Jun (w) low

*Asterisk denotes strength of level

08:35 BST - Cautious trade is giving way to a test lower, as intraday studies turn down, with focus turning to congestion around 1.1700. Daily stochastics are unwinding overbought areas and the daily Tension Indicator is turning bearish, highlighting a deterioration in sentiment and room for a test beneath here. Further congestion around 1.1600 will then attract. But rising weekly charts and positive longer-term readings are expected to limit any tests of here in renewed buying interest. Meanwhile, resistance is at congestion around 1.1800 and extends to the 1.1830 current year high of 1 July. A close above here, not yet seen, will turn sentiment positive once again and extend broad September 2022 gains towards further congestion around 1.1900.

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Topics
EUR/USD-TA
DM-Technical
Technical Analysis

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