Chart EUR/USD Update: Limited tests higher
Cautious trade above congestion support at 1.1550 has given way to a push higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1750 | congestion | S1 | 1.1550 | * | congestion | ||
| R3 | 1.1700 | ** | congestion | S2 | 1.1500 | ** | congestion | |
| R2 | 1.1650 | * | congestion | S3 | 1.1450 | * | congestion | |
| R1 | 1.1600 | ** | congestion | S4 | 1.1400/10 | ** | congestion; 13 Mar YTD low |
*Asterisk denotes strength of level
08:35 BST - Cautious trade above congestion support at 1.1550 has given way to a push higher, as intraday studies continue to rise, with prices currently balanced in fresh consolidation around congestion resistance at 1.1600. Daily stochastics and the daily Tension Indicator are also positive, highlighting room for continuation towards further congestion around 1.1650. But negative weekly charts should limit any initial tests in consolidation. A close above here, if seen, would help to improve sentiment and extend June gains towards 1.1700. Meanwhile, any immediate tests beneath 1.1550 should give way to consolidation above further congestion around 1.1500.