Chart EUR/USD Update: Range extension - studies under pressure
Little change, as prices extend cautious trade within the 1.1600-1.1700 range
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1830 | ** | 1 Jul YTD high | S1 | 1.1600 | * | congestion | |
| R3 | 1.1789 | * | 24 Jul (w) high | S2 | 1.1500 | ** | congestion | |
| R2 | 1.1750 | * | break level | S3 | 1.1400 | ** | congestion | |
| R1 | 1.1700 | * | congestion | S4 | 1.1360 | ** | 61.8% ret of May-Jul rally |
*Asterisk denotes strength of level
08:25 BST - Little change, as prices extend cautious trade within the 1.1600-1.1700 range. Intraday studies are rising and negative daily stochastics have ticked higher, suggesting room for a test of congestion resistance at 1.1700. However, the negative daily Tension Indicator and deteriorating weekly charts are expected to limit any break in renewed selling interest towards 1.1750. Meanwhile, support remains at congestion around 1.1600. A close beneath here will add weight to sentiment and complete a multi-week distribution pattern within 1.1600-1.1700, as focus then turns to 1.1500. Negative weekly charts point to room for continuation towards critical support within 1.1360-1.1400.