Weekly Chart EUR/USD Update: Poised for further gains

Extended consolidation above congestion support at 1.1500 is giving way to fresh gains,

with prices currently pressuring strong resistance at the 1.1615 Fibonacci retracement.

Weekly stochastics continue to rise and the weekly Tension Indicator is also positive, suggesting an improvement in sentiment and room for further strength in the coming week or so.

A break above 1.1615 further improve sentiment and extend gains from the 1.1325 current year low of 24 June. Focus will then turn to 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, immediate support is at congestion around 1.1550.

Improving daily readings should limit any break, if seen, in fresh consolidation above further congestion around 1.1500.

An unexpected close beneath here would add weight to sentiment and confirm a deeper pullback towards congestion above 1.1400, where improving longer-term charts should prompt renewed buying interest/consolidation.