Published: 2025-07-18T07:40:49.000Z
Chart EUR/USD Update: Consolidating above 1.1600 - background studies under pressure
Senior Technical Strategist
1
Still little change
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1830 | ** | 1 Jul YTD high | S1 | 1.1600 | * | congestion | |
| R3 | 1.1800 | * | congestion | S2 | 1.1540 | * | 38.2% ret of May-Jul rally | |
| R2 | 1.1750 | * | break level | S3 | 1.1500 | * | congestion | |
| R1 | 1.1700 | * | congestion | S4 | 1.1450 | ** | 38.2% ret of May-Jul rally |
*Asterisk denotes strength of level
08:25 BST - Still little change, as rising intraday studies prompt further consolidation above congestion support at 1.1600. Daily readings are mixed/negative and broader weekly charts are deteriorating, highlighting difficulty sustaining any immediate tests higher. Resistance remains at congestion around 1.1700, but should prove difficult to reach, as selling pressure increases at higher levels. Following cautious trade, price action is expected to turn down once again. A later break below 1.1600 will extend July losses towards the 1.1540 Fibonacci retracement. Already oversold daily stochastics could limit any initial tests of here in consolidation, before further losses are seen.