Published: 2025-08-06T07:41:22.000Z
Chart EUR/USD Update: Consolidating - background studies under pressure
Senior Technical Strategist
3
Anticipated losses have bounced from 1.1530
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1830 | ** | 1 Jul YTD high | S1 | 1.1500 | ** | congestion | |
| R3 | 1.1750 | * | break level | S2 | 1.1400 | ** | congestion | |
| R2 | 1.1700 | * | congestion | S3 | 1.1360 | ** | 61.8% ret of May-Jul rally | |
| R1 | 1.1600 | * | congestion | S4 | 1.1300 | * | congestion |
*Asterisk denotes strength of level
08:30 BST - Anticipated losses have bounced from 1.1530, with prices currently balanced in consolidation around 1.1575. Intraday studies have ticked higher, suggesting room for a test of congestion resistance at 1.1600. But rising daily readings are flattening and broader weekly charts are under pressure, suggesting any break should meet renewed selling interest beneath further congestion around 1.1700. Following cautious trade, fresh losses are looked for. Support is at congestion around 1.1500. A close beneath here will add weight to sentiment and extend July losses initially to the 1.1360 Fibonacci retracement. A further close beneath here will open up 1.1300.