Chart EUR/USD Update: Pushing higher
Consolidation above support at 1.1200 is giving way to anticipated tests higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1400 | ** | congestion | S1 | 1.1200 | ** | break level | |
| R3 | 1.1340 | ** | 38.2% ret of Aug-Oct fall | S2 | 1.1130 | ** | 50% ret of 2025-2026 rally | |
| R2 | 1.1325 | ** | 24 Jun (m) low | S3 | 1.1100/15 | ** | figure; 14 Oct YTD low | |
| R1 | 1.1280/00 | ** | break level; congestion | S4 | 1.1065 | ** | 12 May (m) low |
*Asterisk denotes strength of level
08:35 BST - Consolidation above support at 1.1200 is giving way to anticipated tests higher, with prices currently trading around 1.1235. Rising intraday studies and positive daily readings highlight room for continuation towards resistance at the 1.1280 break level. But already overbought daily stochastics and mixed weekly charts should limit any immediate break in profit-taking/consolidation beneath resistance at the 1.1325 monthly low of 24 June and the 1.1340 Fibonacci retracement.
Meanwhile, a close back below 1.1200 would help to stabilise sentiment once again and prompt fresh consolidation above strong support at the 1.1115 current year low of 14 October and the 1.1130 multi-month Fibonacci retracement.