Weekly Chart EUR/USD Update: Prices remain under pressure

Consolidation above 1.1500 has given way to anticipated losses,

with steady selling interest currently pressuring support at congestion around 1.1400 and the 1.1420 Fibonacci retracement.

Daily stochastics and the daily Tension Indicator are bearish, highlighting room for further losses in the coming sessions towards critical support at the 1.1325 current year low of 24 June and the 1.1355 Fibonacci retracement. A close beneath here will add weight to already bearish price action and extend January losses  towards the 1.1130 Fibonacci retracement.

Meanwhile, resistance is at congestion around 1.1500.

A close above here, not seen, would help to stabilise sentiment and prompt consolidation within congestion beneath 1.1550. A further close above here would open up 1.1600, where renewed selling interest is expected to appear.