Chart EUR/USD Update: Under pressure
Consolidation following the anticipated break below 1.1750 is giving way to renewed selling interest
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1850 | ** | congestion | S1 | 1.1700 | ** | congestion | |
| R3 | 1.1825 | ** | 61.8% ret of Jan-Mar fall | S2 | 1.1670 | ** | 23 Apr (w) low | |
| R2 | 1.1800 | ** | congestion | S3 | 1.1640 | ** | 23 Mar (w) high | |
| R1 | 1.1750 | congestion | S4 | 1.1600 | ** | congestion |
*Asterisk denotes strength of level
08:30 BST - Consolidation following the anticipated break below 1.1750 is giving way to renewed selling interest, as intraday studies turn down, with immediate focus turning to congestion support at 1.1700. Daily readings are also under pressure, highlighting room for a break towards the 1.1670 weekly low of 23 April. But mixed weekly charts should limit any initial tests of this 1.1670 - 1.1700 range in consolidation, before deteriorating longer-term charts prompt further losses. Meanwhile, resistance is lowered to congestion around 1.1750. A close back above here would help to stabilise price action and prompt fresh consolidation beneath further congestion around 1.1800.