Chart EUR/USD Update: Under pressure

Cautious trade around 1.1500 is giving way to anticipated losses

Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.1685 | ** | 76.4% ret of 2021-2022 fall | S1 | 1.1400 | * | congestion | |
14 | 1.1630 | ** | 12 Jun YTD high | S2 | 1.1357 | * | 4 Jun low | |
R2 | 1.1600 | ** | congestion | S3 | 1.1300 | * | break level | |
R1 | 1.1500 | * | congestion | S4 | 1.1200 | * | break level |
*Asterisk denotes strength of level
08:30 BST - Cautious trade around 1.1500 is giving way to anticipated losses, with prices currently trading around 1.1465. Negative intraday studies are oversold, suggesting potential for consolidation around here, before bearish daily readings and deteriorating weekly charts extend losses towards congestion support at 1.1400. Still lower is the 1.1357 low of 4 June. But ny-then oversold daily stochastics could limit any tests of this range in renewed consolidation. Meanwhile, resistance is lowered to congestion around 1.1500. A close above here, if seen, would help to stabilise price action and prompt consolidation beneath further congestion around 1.1600 and the 1.1630 current year high of 12 June.