Chart EUR/USD Update: Range trade - studies are mixed
The anticipated minor test higher has met selling interest just shy of congestion resistance around 1.1700
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1900 | ** | Jul-Sep 2021 break level | S1 | 1.1600 | * | congestion | |
| R3 | 1.1830 | ** | 1 Jul YTD high | S2 | 1.1500 | ** | congestion | |
| R2 | 1.1750 | * | break level | S3 | 1.1400 | ** | congestion | |
| R1 | 1.1700 | * | congestion | S4 | 1.1360 | ** | 61.8% ret of May-Jul rally |
*Asterisk denotes strength of level
08:25 BST - The anticipated minor test higher has met selling interest just shy of congestion resistance around 1.1700, as overbought intraday studies unwind, with prices currently trading around 1.1665. A minor pullback towards congestion support at 1.1600 is highlighted. But mixed daily readings are expected to limit initial scope in consolidation, before negative weekly charts prompt further losses. A close beneath here will add weight to sentiment and extend losses towards the 1.1528 weekly low of 5 August and further congestion around 1.1500. Meanwhile, resistance remains at 1.1700 and extends to 1.1750. This range should cap any immediate tests higher.