Chart EUR/USD Update: Consolidating - studies under pressure
Little change, as mixed/negative intraday studies keep near-term sentiment cautious
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1800 | ** | break level | S1 | 1.1650 | recent range lows | ||
| R3 | 1.1750 | * | congestion | S2 | 1.1620~ | * | 15 Jun (w) high | |
| R2 | 1.1725 | ** | 76.4% ret of Apr-Jun fall | S3 | 1.1600 | * | congestion | |
| R1 | 1.1700 | * | congestion | S4 | 1.1550 | * | congestion |
*Asterisk denotes strength of level
08:30 BST - Little change, as mixed/negative intraday studies keep near-term sentiment cautious and extend consolidation around support at 1.1650. Daily stochastics are under pressure and the daily Tension Indicator is bearish, highlighting room for further losses in the coming sessions. A break beneath here will add weight to sentiment and open up a test of the 1.1620~ weekly high of 15 June. Just lower is congestion around 1.1600. But rising weekly charts could limit any initial tests of this range in fresh consolidation.
Meanwhile, resistance remains up to congestion around 1.1700, and should cap any immediate tests higher.