Published: 2026-07-23T07:39:20.000Z
Chart EUR/USD Update: Cautious trade - background studies under pressure
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Cautious trade around congestion support at 1.1400 is giving way to a drift higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1550 | * | congestion | S1 | 1.1400 | * | congestion | |
| R3 | 1.1500 | ** | congestion | S2 | 1.1377 | * | 13 Jul (w) low | |
| R2 | 1.1482 | ** | 15 Jul (w) high | S3 | 1.1355 | ** | 38.2% ret of 2025-2026 rally | |
| R1 | 1.1450 | * | congestion | S4 | 1.1325 | ** | 24 Jun YTD low |
*Asterisk denotes strength of level
08:25 BST - Cautious trade around congestion support at 1.1400 is giving way to a drift higher, with prices currently balanced around 1.1425. Daily readings have turned mixed/negative, suggesting potential for further consolidation. But deteriorating weekly charts point to room for later losses. A break below 1.1400 will open up the 1.1377 weekly low of 13 July, with further selling pressure to target strong support at the 1.1325 current year low of 24 June. Meanwhile, resistance remains at congestion around 1.1450. Any immediate tests above here should fade into consolidation beneath the 1.1482 weekly high of 15 July.