Chart EUR/USD Update: Potential for a minor test higher
Little change, as prices extend cautious trade just beneath congestion resistance at 1.1600
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1750 | congestion | S1 | 1.1550 | * | congestion | ||
| R3 | 1.1700 | ** | congestion | S2 | 1.1500 | ** | congestion | |
| R2 | 1.1650 | * | congestion | S3 | 1.1450 | * | congestion | |
| R1 | 1.1600 | ** | congestion | S4 | 1.1400/10 | ** | congestion; 13 Mar YTD low |
*Asterisk denotes strength of level
08:35 BST - Little change, as prices extend cautious trade just beneath congestion resistance at 1.1600. Daily stochastics and the daily Tension Indicator are positive, highlighting room for a break above here towards further congestion around 1.1650. But negative weekly charts should limit any initial tests in consolidation. A close above here, if seen, would help to improve sentiment and extend June gains towards 1.1700. Meanwhile, support remains at congestion around 1.1550 and should underpin any immediate setbacks. A test beneath here, however, is expected to give way to consolidation above further congestion around 1.1500.