Chart EUR/USD Update: Range trade - studies mixed
The anticipated test of congestion resistance at 1.1450 is giving way to fresh consolidation
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1550 | * | congestion | S1 | 1.1400 | * | congestion | |
| R3 | 1.1500 | ** | congestion | S2 | 1.1355 | ** | 38.2% ret of 2025-2026 rally | |
| R2 | 1.1473 | * | 2 Jul (w) high | S3 | 1.1325 | ** | 24 Jun YTD low | |
| R1 | 1.1450 | * | congestion | S4 | 1.1300 | ** | congestion |
*Asterisk denotes strength of level
08:35 BST - The anticipated test of congestion resistance at 1.1450 is giving way to fresh consolidation, with prices currently trading around 1.1435. Intraday studies are rising and daily readings are improving, highlighting room for a test above here. Focus will then turn to the 1.1473 weekly high of 2 July, but flattening overbought daily stochastics and mixed/negative weekly charts should limit any initial tests in consolidation. A close above here, however, would improve sentiment and extend late-June gains towards congestion around 1.1500. Meanwhile, support remains at congestion around 1.1400. A break beneath here will add weight to sentiment and put focus on critical support within the 1.1325 - 1.1355 range.