Weekly Chart EUR/USD Update: Limited tests higher

Choppy trade above the 1.1325 current year low of 24 June has given way to a sharp bounce in JPY-driven global volatility,

with prices currently consolidating above 1.1500.

Oversold weekly stochastics are unwinding and the weekly Tension Indicator is also turning higher, suggesting an improvement in sentiment and room for further strength in the coming sessions.

Focus is expected to turn to resistance at the 1.1615 Fibonacci retracement.

Beyond here is stronger resistance at 1.1700 - congestion and the 50% retracement. But mixed/negative monthly charts should limit any initial tests in renewed selling interest/consolidation.

A break, if seen, should fade beneath 1.1790 - 1.1800.

Meanwhile, support is at congestion around 1.1500.

A close beneath here would turn sentiment neutral and prompt renewed consolidation in congestion above 1.1400.

A break, not yet seen, would open up further congestion above 1.1350.

But a close below 1.1325 is needed to confirm continuation of losses from the 1.2085~ current year high of 27 January.