Chart EUR/USD Update: Edging higher in quiet trade
Consolidation around congestion support at 1.1500 has given way to a drift higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1620~ | * | 15 Jun (w) high | S1 | 1.1500 | ** | congestion | |
| R3 | 1.1600 | * | congestion | S2 | 1.1482 | ** | 15 Jul (w) high | |
| R2 | 1.1585 | ** | 50% ret of Apr-Jun fall | S3 | 1.1450 | * | congestion | |
| R1 | 1.1560~ | 3 Aug high | S4 | 1.1400 | * | congestion |
*Asterisk denotes strength of level
08:35 BST - Consolidation around congestion support at 1.1500 has given way to a drift higher, with rising intraday studies putting focus on the 1.1560~ high of 3 August. Immediate tests could give way to consolidation, as overbought daily stochastics turn down, before the positive daily Tension Indicator and rising weekly charts prompt further gains. A break above here will improve sentiment and extend late-June gains initially towards strong resistance at the 1.1585 Fibonacci retracement and congestion around 1.1600. Meanwhile, support remains at 1.1500 and extends to the 1.1482 weekly high of 15 July. A close beneath here, if seen, should give way to fresh consolidation above further congestion around 1.1450.