Chart EUR/USD Update: Turning away from resistance - studies remain positive
The test of resistance within congestion around 1.1600 and the 1.1620~ weekly high of 15 June is giving way to a pullback
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1700 | * | congestion | S1 | 1.1550 | * | congestion | |
| R3 | 1.1650 | ** | 61.8% ret of Apr-Jun fall | S2 | 1.1500 | ** | congestion | |
| R2 | 1.1620~ | * | 15 Jun (w) high | S3 | 1.1482 | ** | 15 Jul (w) high | |
| R1 | 1.1600 | * | congestion | S4 | 1.1450 | * | congestion |
*Asterisk denotes strength of level
08:30 BST - The test of resistance within congestion around 1.1600 and the 1.1620~ weekly high of 15 June is giving way to a pullback, as intraday studies turn down, with prices currently trading around 1.1575. Focus is turning to congestion support at 1.1550. But mixed/positive daily readings and positive weekly charts should limit any deeper losses in consolidation above further congestion around 1.1500.
Following cautious/corrective trade, fresh gains are looked for. A later close above 1.1600/20 will improve sentiment and extend late-June gains initially towards the 1.1650 Fibonacci retracement. A break will open up congestion around 1.1700.