Chart EUR/USD Update: Room for a minor test lower
Anticipated tests higher have met selling interest just beneath congestion resistance at 1.1500
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1615 | November 2021 high | S1 | 1.1400 | * | congestion | ||
| 14 | 1.1600 | ** | congestion | S2 | 1.1357 | * | 4 Jun low | |
| R2 | 1.1573 | ** | 21 Apr YTD high | S3 | 1.1300 | * | break level | |
| R1 | 1.1500 | * | congestion | S4 | 1.1200 | * | congestion |
*Asterisk denotes strength of level
08:25 BST - Anticipated tests higher have met selling interest just beneath congestion resistance at 1.1500, as overbought intraday studies unwind, with prices currently trading around 1.1430. Focus is turning to congestion support at 1.1400. But mixed/positive daily readings are expected to limit any initial break in renewed consolidation above the 1.1357 low of 4 June. A close beneath here, if seen, will add weight to sentiment and extend losses towards 1.1300. Meanwhile, resistance remains at 1.1500. But a close above the 1.1573 current year high of 21 April will confirm continuation of September 2022 gains, and initially open up congestion around 1.1600 and the 1.1615 monthly high of November 2021.