Chart EUR/USD Update: Minor pullback - studies continue to rise
Choppy trade has given way to a fresh test higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1650 | ** | 61.8% ret of Apr-Jun fall | S1 | 1.1500 | ** | congestion | |
| R3 | 1.1620~ | * | 15 Jun (w) high | S2 | 1.1482 | ** | 15 Jul (w) high | |
| R2 | 1.1600 | * | congestion | S3 | 1.1450 | * | congestion | |
| R1 | 1.1585 | ** | 50% ret of Apr-Jun fall | S4 | 1.1400 | * | congestion |
*Asterisk denotes strength of level
08:35 BST - Choppy trade has given way to a fresh test higher, with prices reaching 1.1560 before settling back as intraday studies turn down and overbought daily stochastics flatten. However, the daily Tension Indicator continues to rise and broader weekly charts are improving, suggesting room for further gains in the coming sessions. Focus is expected to turn back to resistance at the 1.1585 Fibonacci retracement and congestion around 1.1600. Initial tests could give way to fresh consolidation, before late-June gains extend towards the 1.1650 retracement. Meanwhile, support remains at congestion around 1.1500 and extends to the 1.1482 weekly high of 15 July. A close beneath here, if seen, will turn sentiment neutral and prompt consolidation above further congestion around 1.1450.