Chart EUR/USD Update: Limited tests higher
Choppy trade above congestion support at 1.1500 is giving way to a drift higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1700 | * | congestion | S1 | 1.1500 | ** | congestion | |
| R3 | 1.1650 | * | congestion | S2 | 1.1470~ | ** | 5 Nov (w) low | |
| R2 | 1.1600 | * | congestion | S3 | 1.1400 | ** | break level | |
| R1 | 1.1550 | * | break level | S4 | 1.1350 | * | congestion |
*Asterisk denotes strength of level
08:35 GMT - Choppy trade above congestion support at 1.1500 is giving way to a drift higher, with prices currently pressuring resistance at the 1.1550 break level. Rising intraday studies highlight potential for a test above here. But negative daily readings and deteriorating weekly charts should limit scope in renewed selling interest/consolidation towards congestion around 1.1600. Following cautious/corrective trade, fresh losses are looked for. A later break below 1.1500 will open up stronger support at the 1.1470~ weekly low of 5 November. Further selling interest will turn sentiment outright negative and confirm continuation of mid-September losses, initially to 1.1400.