Chart EUR/USD Update: Sharp gains giving way to a pullback
Choppy trade around 1.1400 has given way to a sharp bounce into the 1.1450 - 1.1482 resistance range
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1600 | * | congestion | S1 | 1.1400 | * | congestion | |
| R3 | 1.1500 | ** | congestion | S2 | 1.1355 | ** | 38.2% ret of 2025-2026 rally | |
| R2 | 1.1482 | ** | 15 Jul (w) high | S3 | 1.1325 | ** | 24 Jun YTD low | |
| R1 | 1.1450 | * | congestion | S4 | 1.1300 | ** | congestion |
*Asterisk denotes strength of level
08:35 BST - Choppy trade around 1.1400 has given way to a sharp bounce into the 1.1450 - 1.1482 resistance range, where renewed selling interest is prompting a drift lower and a break back below 1.1450. Daily readings are rising and oversold weekly stochastics are also ticking higher, highlighting potential for a retest above congestion resistance at 1.1450. But the bearish weekly Tension Indicator and negative longer-term studies should prompt renewed selling interest beneath the 1.1482 weekly high of 15 July. A close above here, however, would improve sentiment and extend late-June gains beyond 1.1500. In the coming sessions, fresh consolidation is looked for, with support at congestion around 1.1400. Any immediate tests beneath here should give way to consolidation above the 1.1355 Fibonacci retracement.