Chart EUR/USD Update: Balanced at year highs - background studies improving
Little change, as prices extend consolidation at resistance within congestion around 1.1800 and the 1.1830 current year high of 1 Jul
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2000/20 | ** | cong; 38.2% ret of 2008-2022 fall | S1 | 1.1700 | * | congestion | |
| R3 | 1.1900 | * | congestion | S2 | 1.1600 | * | congestion | |
| R2 | 1.1830 | * | 1 Jul YTD high | S3 | 1.1500 | * | congestion | |
| R1 | 1.1800 | * | congestion | S4 | 1.1446 | * | 19 Jun (w) low |
*Asterisk denotes strength of level
08:35 BST - Little change, as prices extend consolidation at resistance within congestion around 1.1800 and the 1.1830 current year high of 1 July. Overbought daily stochastics are flat, suggesting a cautious tone, before the positive daily Tension Indicator and improving weekly charts prompt fresh gains. A later close above 1.1830 will turn sentiment positive once again and extend broad September 2022 gains towards further congestion around 1.1900. Meanwhile, support remains at congestion around 1.1700. A close beneath here, if seen, will add weight to sentiment and open up congestion around 1.1600, where fresh consolidation is expected to appear.