Chart EUR/USD Update: Balanced
The anticipated test of congestion resistance at 1.1600 is giving way to renewed consolidation
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1728 | ** | 17 Oct (w) high | S1 | 1.1550 | * | break level | |
| R3 | 1.1700 | * | congestion | S2 | 1.1500 | ** | congestion | |
| R2 | 1.1650 | * | congestion | S3 | 1.1470~ | ** | 5 Nov low | |
| R1 | 1.1600 | * | congestion | S4 | 1.1400 | ** | cong, Jul-Aug (m) lows |
*Asterisk denotes strength of level
08:30 GMT - The anticipated test of congestion resistance at 1.1600 is giving way to renewed consolidation, as intraday studies turn mixed, with prices currently trading around 1.1585. Daily studies continue to rise and oversold weekly stochastics are flattening, highlighting room for a retest of 1.1600. But the negative weekly Tension Indicator should limit any immediate break in renewed selling interest/consolidation beneath further congestion around 1.1650. Meanwhile, a close below support at the 1.1550 break level will prompt consolidation above strong support within congestion around 1.1500 and the 1.1470~ low of 5 November.