Chart EUR/USD Update: Choppy below fresh 4-year high
Anticipated gains have posted a fresh 5-year high at 1.1918
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2020 | ** | 38.2% ret of 2008-2020 fall | S1 | 1.1789 | * | 24 Jul (w) high | |
| R3 | 1.2000 | ** | historic congestion | S2 | 1.1700 | * | congestion | |
| R2 | 1.1918 | 17 Sep high | S3 | 1.1650 | * | congestion | ||
| R1 | 1.1900 | ** | historic congestion | S4 | 1.1600 | ** | congestion |
*Asterisk denotes strength of level
08:35 BST - Anticipated gains have posted a fresh 5-year high at 1.1918, where unwinding overbought intraday studies have prompted a sharp fall to the 1.1789 weekly high of 24 July. A sharp bounce is appearing from here. But unwinding overbought daily stochastics and the flattening daily Tension Indicator are expected to limit initial scope in consolidation beneath 1.1900/18. In the coming sessions, a break below 1.1789 is possible. But rising weekly charts are expected to limit scope in renewed buying interest above congestion around 1.1700. Following cautious trade, fresh gains are looked for. A later break above 1.1900 will improve price action and extend September 2022 gains towards stronger resistance at 1.2000/20.