Chart EUR/USD Update: Consolidating
Little change, as prices extend consolidation around support at 1.1750
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2000 | ** | congestion | S1 | 1.1750 | * | break level | |
| R3 | 1.1900 | * | congestion | S2 | 1.1700 | * | congestion | |
| R2 | 1.1830 | ** | 1 Jul YTD high | S3 | 1.1600 | * | congestion | |
| R1 | 1.1800 | * | congestion | S4 | 1.1540 | * | 38.2% ret of May-Jul rally |
*Asterisk denotes strength of level
08:40 BST - Little change, as prices extend consolidation around support at 1.1750. Intraday studies are mixed/negative, suggesting potential for a test below here. But rising daily readings should prompt renewed buying interest/consolidation towards congestion support at 1.1700, before deteriorating weekly charts extend losses still further. A later close beneath here will add weight to sentiment and open up further congestion around 1.1600. However, rising longer-term readings are expected to limit any tests in fresh buying interest. Meanwhile, critical resistance is at congestion around 1.1800 and the 1.1830 current year high of 1 July. This range should cap any immediate tests higher.