Chart EUR/USD Update: Pushing higher
The anticipated test of 1.1700 has extended to 1.1750
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1900 | ** | historic congestion | S1 | 1.1700 | * | congestion | |
| R3 | 1.1830 | ** | 1 Jul YTD high | S2 | 1.1600 | * | congestion range lows | |
| R2 | 1.1789 | * | 24 Jul (w) high | S3 | 1.1500 | ** | congestion | |
| R1 | 1.1750 | * | break level | S4 | 1.1400 | ** | congestion |
*Asterisk denotes strength of level
08:30 BST - The anticipated test of 1.1700 has extended to 1.1750, before getting pushed back into cautious trade around 1.1730. Daily readings have turned higher, highlighting room for a test above 1.1750. But mixed/negative weekly charts are expected to limit scope in renewed selling interest towards the 1.1789 weekly high of 24 July. Critical resistance is at the 1.1830 current yera high of 1 July. A close above here is needed to turn sentiment outright positive and confirm continuation of September 2022 gains, initially to 1.1900. Meanwhile, support is raised to congestion around 1.1700. A break beneath here should give way to consolidation above strong support at the 1.1600 congestion range lows.