Chart EUR/USD Update: Room for a test above 1.1600
The anticipated break above 1.1550 has met selling interest just beneath congestion resistance at 1.1600
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1728 | ** | 17 Oct (w) high | S1 | 1.1550 | * | break level | |
| R3 | 1.1700 | * | congestion | S2 | 1.1500 | ** | congestion | |
| R2 | 1.1650 | * | congestion | S3 | 1.1470~ | ** | 5 Nov low | |
| R1 | 1.1600 | * | congestion | S4 | 1.1400 | ** | cong, Jul-Aug (m) lows |
*Asterisk denotes strength of level
08:30 GMT - The anticipated break above 1.1550 has met selling interest just beneath congestion resistance at 1.1600, as intraday studies turn mixed, with prices currently trading around 1.1575. Daily readings continue to rise and oversold weekly stochastics are flattening, highlighting room for a break above 1.1600. But the negative weekly Tension Indicator should limit immediate scope in renewed selling interest/consolidation beneath further congestion around 1.1650. Meanwhile, support is raised to the 1.1550 break level. A close beneath here, if seen, will turn sentiment neutral and prompt consolidation above strong support within congestion around 1.1500 and the 1.1470~ low of 5 November.