Chart EUR/USD Update: Critical resistance at the 1.1830 current year high
Anticipated gains have met selling interest just beneath resistance at the 1.1789 weekly high of 24 July
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2000 | ** | historic congestion | S1 | 1.1700 | * | congestion | |
| R3 | 1.1900 | ** | historic congestion | S2 | 1.1600 | * | congestion range lows | |
| R2 | 1.1830 | ** | 1 Jul YTD high | S3 | 1.1500 | ** | congestion | |
| R1 | 1.1789 | * | 24 Jul (w) high | S4 | 1.1400 | ** | congestion |
*Asterisk denotes strength of level
08:25 BST - Anticipated gains have met selling interest just beneath resistance at the 1.1789 weekly high of 24 July, as overbought intraday studies unwind, with prices currently trading around 1.1765. Daily stochastics and the daily Tension Indicator continue to rise, and flat weekly stochastics are also ticking up, suggesting room for further strength in the coming sessions. A break above 1.1789 will open up critical resistance at the 1.1830 current year high of 1 July. However, by-then overbought daily stochastics and the negative weekly Tension Indicator could limit any initial tests in consolidation. Meanwhile, support remains at congestion around 1.1700. An unexpected break beneath here will turn sentiment neutral and prompt consolidation above the 1.1600 range lows.