Chart EUR/USD Update: Consolidating - studies continue to rise
Still little change, as mixed intraday studies keep near-term sentiment cautious
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2000/20 | ** | cong; 38.2% ret of 2008-2022 fall | S1 | 1.1700 | * | congestion | |
| R3 | 1.1900 | * | congestion | S2 | 1.1600 | * | congestion | |
| R2 | 1.1800 | * | congestion | S3 | 1.1500 | * | congestion | |
| R1 | 1.1745 | 26 Jun YTD high | S4 | 1.1446 | * | 19 Jun (w) low |
*Asterisk denotes strength of level
08:40 BST - Still little change, as mixed intraday studies keep near-term sentiment cautious and prompt consolidation beneath the 1.1745 current year high of 26 June. Daily readings continue to track higher and broader weekly charts are improving, highlighting room for still further gains in the coming sessions. A later close above 1.1745 will extend broad September 2022 gains towards further congestion around 1.1800, with potential for continuation towards 1.1900. Meanwhile, support is raised to congestion around 1.1700. A close beneath here, if seen, will add weight to sentiment and open up further congestion around 1.1600, where fresh consolidation is expected to appear.