Published: 2025-08-07T07:44:09.000Z
Chart EUR/USD Update: Limited tests higher
Senior Technical Strategist
2
The anticipated test of 1.1600 has given way to a break
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1900 | ** | Jul-Sep 2021 break level | S1 | 1.1600 | * | congestion | |
| R3 | 1.1830 | ** | 1 Jul YTD high | S2 | 1.1500 | ** | congestion | |
| R2 | 1.1750 | * | break level | S3 | 1.1400 | ** | congestion | |
| R1 | 1.1700 | * | congestion | S4 | 1.1360 | ** | 61.8% ret of May-Jul rally |
*Asterisk denotes strength of level
08:35 BST - The anticipated test of 1.1600 has given way to a break, with steady buying interest currently trading around 1.1685. Rising daily readings highlight room for a test of congestion around 1.1700. But negative weekly charts should limit any break in renewed selling interest/consolidation beneath 1.1750. Critical resistance is at the 1.1830 current year high of 1 July. A close above here would turn sentiment positive and confirm continuation of September 2022 gains. Meanwhile, support is raised to congestion around 1.1600. A close beneath here would turn sentiment neutral and prompt consolidation above further congestion around 1.1500.