Chart EUR/USD Update: Further consolidation - studies remain under pressure
Still little change, as prices extend consolidation above congestion support at 1.1700
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2000/20 | ** | cong; 38.2% ret of 2008-2022 fall | S1 | 1.1700 | * | congestion | |
| R3 | 1.1900 | * | congestion | S2 | 1.1600 | * | congestion | |
| R2 | 1.1830 | ** | 1 Jul YTD high | S3 | 1.1500 | * | congestion | |
| R1 | 1.1800 | * | congestion | S4 | 1.1446 | * | 19 Jun (w) low |
*Asterisk denotes strength of level
08:30 BST - Still little change, as prices extend consolidation above congestion support at 1.1700. Daily readings continue to track lower and overbought weekly stochastics are flattening, suggesting room for fresh losses in the coming sessions. A later break beneath here will add weight to sentiment and open up further congestion around 1.1600. However, by-then oversold daily stochastics are expected to limit any initial tests in renewed consolidation. Meanwhile, resistance remains at congestion around 1.1800 and extends to the 1.1830 current year high of 1 July. A close above here is needed, not yet seen, to turn sentiment positive once again and extend broad September 2022 gains towards further congestion around 1.1900.