Chart EUR/USD Update: Consolidating test of 1.1700 - studies rising
Cautious trade around congestion resistance at 1.1700 has met selling interest at 1.1730
| 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 - Cautious trade around congestion resistance at 1.1700 has met selling interest at 1.1730, as overbought intraday studies unwind, with prices currently trading around 1.1685. Daily stochastics and the daily Tension Indicator continue to rise, highlighting room for a fresh test above 1.1700 towards resistance at 1.1750. However, negative weekly charts should limit any immediate continuation beyond here in consolidation/profit-taking beneath critical resistance at the 1.1830 current year high of 1 July. A close above 1.1830 would turn sentiment positive and confirm continuation of September 2022 gains. Meanwhile, support remains at 1.1600 and is expected to underpin any immediate setbacks.