Weekly Chart EUR/USD Update: Consolidating test of 1.1700 - weekly studies continue to rise

Anticipated gains have reached strong resistance at 1.1700, (congestion and 50% Fibonacci retracement).

Unwinding overbought daily stochastics and the flattening positive daily Tension Indicator are prompting profit-taking, with prices currently balanced in consolidation above 1.1650~.

In the coming sessions, a break beneath here cannot be ruled out, with focus then turning to congestion support at 1.1600. Still lower is further congestion around 1.1550. But rising weekly charts should limit any tests of this range in renewed buying interest.

Following any cautious/corrective trade, fresh gains are looked for.

A later break above 1.1700 will improve sentiment and extend gains from the 1.1325 current year low of 24 June towards strong resistance at the 1.1790 Fibonacci retracement and congestion around 1.1800.

However, already overbought weekly stochastics and mixed longer-term charts could limit any initial tests in profit-taking/consolidation.