Chartbook: Chart EUR/USD: Choppy trade - under pressure into the coming weeks

Consolidation around 1.1500 gave way to a bounce to congestion around 1.1800, before prices settled back in steady selling interest to congestion support at 1.1500.

Weekly stochastics and the weekly Tension Indicator are once again under pressure, highlighting room for fresh losses in the coming weeks towards strong support at the 1.1390 monthly low of 1 August 2025.

Just lower is the 1.1350 Fibonacci retracement.

A close beneath the 1.1350/90 range will turn sentiment negative and complete a multi-month distribution top beneath the 1.2080~ current year high of January, as focus then turns to the 1.1275 monthly high of July 2023. By-then oversold weekly stochastics could limit any initial tests in short-covering/consolidation.

Meanwhile, resistance remains up to congestion around 1.1800 and extends to strong resistance within congestion around 1.2000 and the 1.2020 Fibonacci retracement.

Both monthly stochastics and the monthly Tension Indicator are falling, highlighting difficulty sustaining any fresh tests of this broad 1.1800 - 1.2000/20 range.

But the longer-term, multi-month Tension Indicator is rising,

suggesting the current pullback is viewed as a correction within the long-term 2022-2026 bullish trend.

A close above 1.2000/20 would confirm continuation of this 4 year rally, and extend September 2022 gains towards the 1.2350 year high of January 2021.