Chart EUR/USD Update: Consolidating - studies under pressure
Little change, as bearish intraday studies keep near-term sentiment cautious and extend consolidation within the 1.1650 - 1.1700 range
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1800 | ** | break level | S1 | 1.1650 | recent range lows | ||
| R3 | 1.1750 | * | congestion | S2 | 1.1620~ | * | 15 Jun (w) high | |
| R2 | 1.1725 | ** | 76.4% ret of Apr-Jun fall | S3 | 1.1600 | * | congestion | |
| R1 | 1.1700 | * | congestion | S4 | 1.1550 | * | congestion |
*Asterisk denotes strength of level
08:35 BST - Little change, as bearish intraday studies keep near-term sentiment cautious and extend consolidation within the 1.1650 - 1.1700 range. Overbought daily stochastics are unwinding and the daily Tension Indicator is showing signs of turning down, suggesting room for a deeper pullback in the coming sessions. A break below 1.1650 will add weight to sentiment and open up a test of support at congestion around 1.1600 and the 1.1620~ weekly high of 15 June. However, rising weekly charts should limit any tests in renewed buying interest/consolidation.
Following cautious/corrective trade, fresh gains are looked for. Resistance remains at congestion around 1.1700 and extends to the 1.1725 Fibonacci retracement. A close above here, not yet seen, will improve price action and extend late-June gains initially towards congestion within the 1.1750 - 1.1800 range.