Chart EUR/USD Update: Cautious trade - any gains to remain limited
The retest higher has once again been pushed back from the 1.1434 high of 26 June, as intraday studies turn down
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1550 | * | congestion | S1 | 1.1400 | * | congestion | |
| R3 | 1.1500 | ** | congestion | S2 | 1.1355 | ** | 38.2% ret of 2025-2026 rally | |
| R2 | 1.1450 | * | congestion | S3 | 1.1325 | ** | 24 Jun YTD low | |
| R1 | 1.1434 | 26 Jun high | S4 | 1.1300 | ** | congestion |
*Asterisk denotes strength of level
08:30 BST - The retest higher has once again been pushed back from the 1.1434 high of 26 June, as intraday studies turn down, with prices currently balanced above 1.1400. Daily stochastics are rising and the daily Tension Indicator is ticking higher, suggesting room for a fresh break towards congestion around 1.1450. However, bearish weekly charts should prompt renewed selling interest towards here, and limit any further gains, if seen, to consolidation beneath further congestion around 1.1500. Following cautious/corrective trade, fresh losses are looked for. Support remains at congestion around 1.1400. A close beneath here will open up the 1.1355 Fibonacci retracement. However, a further close below the 1.1325 current year low of 24 June will add weight to sentiment and extend January losses initially towards congestion from March-May 2025 around 1.1300. Beneath here is further congestion around 1.1200.