Chart EUR/USD Update: Drifting lower
Cautious trade beneath congestion resistance at 1.1450 is giving way to a drift lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1550 | * | congestion | S1 | 1.1400 | * | congestion | |
| R3 | 1.1500 | ** | congestion | S2 | 1.1355 | ** | 38.2% ret of 2025-2026 rally | |
| R2 | 1.1473 | * | 2 Jul (w) high | S3 | 1.1325 | ** | 24 Jun YTD low | |
| R1 | 1.1450 | * | congestion | S4 | 1.1300 | ** | congestion |
*Asterisk denotes strength of level
08:35 BST - Cautious trade beneath congestion resistance at 1.1450 is giving way to a drift lower, as intraday studies turn down, with prices currently balanced around 1.1425. Immediate focus is on congestion support at 1.1400. But rising daily stochastics and the positive daily Tension Indicator should limit any initial tests in consolidation, before mixed/negative weekly charts prompt a break and extend losses towards the 1.1355 Fibonacci retracement. Meanwhile, resistance remains at 1.1450. But a close above the 1.1473 weekly high of 2 July would help to improve sentiment and extend late-June gains beyond congestion around 1.1500.