Weekly Chart EUR/USD Update: Turning higher towards strong resistance at 1.1700

Anticipated cautious trade has given way to fresh gains, as daily studies turn higher and the weekly Tension Indicator continues to rise,

with prices currently trading around 1.1650.

Focus is turning back to strong resistance at 1.1700, (congestion and 50% Fibonacci retracement). But a tick lower in overbought weekly stochastics suggests any immediate tests could give way to consolidation, before further gains are seen. A close above here will improve sentiment. But mixed longer-term charts should limit initial gains in profit-taking/consolidation beneath strong resistance at 1.1790/00.

Meanwhile, support is at congestion around 1.1600 and extends to the 1.1565 Fibonacci retracement.

Rising daily readings should limit any immediate setbacks in fresh consolidation above here.

A break, however, will add weight to sentiment and extend late-August losses below congestion support at 1.1550 towards strong support at further congestion around 1.1500 and the 1.1515 retracement.