Chart EUR/USD Update: Range extension
Anticipated minor tests lower have not been seen
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1620~ | * | 15 Jun (w) high | S1 | 1.1500 | ** | congestion | |
| R3 | 1.1600 | * | congestion | S2 | 1.1482 | ** | 15 Jul (w) high | |
| R2 | 1.1585 | ** | 50% ret of Apr-Jun fall | S3 | 1.1450 | * | congestion | |
| R1 | 1.1560~ | * | 3 Aug (w) high | S4 | 1.1400 | * | congestion |
*Asterisk denotes strength of level
08:35 BST - Anticipated minor tests lower have not been seen, as unwinding oversold intraday studies prompt further consolidation beneath resistance at the 1.1560~ weekly high of 3 August. A test above here cannot be ruled out. But negative daily readings should limit initial scope in renewed consolidation beneath strong resistance at the 1.1585 Fibonacci retracement. Broader weekly charts continue to rise. But a close above here is needed to turn sentiment positive and extend late-June gains beyond congestion around 1.1600 towards the 1.1650 retracement.
Meanwhile, support remains at the 1.1482 weekly high of 15 July and congestion around 1.1500. A close beneath here, if seen, will add weight to sentiment and extend losses towards 1.1450.