Chart EUR/USD Update: Fresh year high - studies rising
The anticipated test of strong resistance at the 1.1685 Fibonacci retracement and congestion around 1.1700 has posted a fresh year high around 1.1715
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1900 | * | congestion | S1 | 1.1600 | * | congestion | |
| R3 | 1.1800 | * | congestion | S2 | 1.1500 | * | congestion | |
| R2 | 1.1700 | * | congestion | S3 | 1.1446 | * | 19 Jun (w) low | |
| R1 | 1.1685 | ** | 76.4% ret of 2021-2022 fall | S4 | 1.1400 | * | congestion |
*Asterisk denotes strength of level
08:40 BST - The anticipated test of strong resistance at the 1.1685 Fibonacci retracement and congestion around 1.1700 has posted a fresh year high around 1.1715. Flattening overbought intraday studies are prompting short-term reactions around here. But rising daily readings and improving weekly charts highlight room for still further gains in the coming sessions. A close above 1.1685/00 will extend broad September 2022 gains towards further congestion around 1.1800, with potential for continuation towards 1.1900. Meanwhile, support remains at congestion around 1.1600, and should underpin any immediate setbacks.