Chart EUR/USD Update: Room for lower
The pullback from just beneath resistance at the 1.1789 weekly high of 24 July is extending
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1900 | ** | historic congestion | S1 | 1.1600 | * | congestion range lows | |
| R3 | 1.1830 | ** | 1 Jul YTD high | S2 | 1.1500 | ** | congestion | |
| R2 | 1.1789 | * | 24 Jul (w) high | S3 | 1.1400 | ** | congestion | |
| R1 | 1.1700 | * | congestion | S4 | 1.1355 | ** | 61.8% ret of May-Jul rally |
*Asterisk denotes strength of level
08:30 BST - The pullback from just beneath resistance at the 1.1789 weekly high of 24 July is extending, as intraday studies remain under pressure, with the break below 1.1700 giving way to consolidation. Daily studies continue to deteriorate and broader weekly readings are also turning down, suggesting room for deeper losses in the coming sessions. Focus is turning to support at the 1.1600 range lows. However, oversold weekly stochastics could limit any initial tests in renewed consolidation. Meanwhile, a close back above congestion resistance at 1.1700 would help to stabilise price action once again and give way to consolidation beneath the 1.1789 weekly high of 24 July.