Published: 2025-07-17T07:40:18.000Z
Chart EUR/USD Update: Choppy around 1.1600 - studies under pressure
Senior Technical Strategist
1
Little change, as volatile trade gives way to fresh consolidation
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1830 | ** | 1 Jul YTD high | S1 | 1.1600 | * | congestion | |
| R3 | 1.1800 | * | congestion | S2 | 1.1540 | * | 38.2% ret of May-Jul rally | |
| R2 | 1.1750 | * | break level | S3 | 1.1500 | * | congestion | |
| R1 | 1.1700 | * | congestion | S4 | 1.1450 | ** | 50% ret of May-Jul rally |
*Asterisk denotes strength of level
08:30 BST - Little change, as volatile trade gives way to fresh consolidation around congestion support at 1.1600. Intraday studies are turning down once again and daily readings are mixed/negative, highlighting room for a later break beneath here and extension of July losses towards the 1.1540 Fibonacci retracement. Already oversold daily stochastics could limit any initial tests of here in consolidation, before deteriorating weekly charts prompt a further break. Meanwhile, resistance remains at 1.1700 and should continue to cap any immediate tests higher.