Weekly Chart EUR/USD Update: Cautious trade - weekly studies rising

Consolidation above congestion support at 1.1500 has given way to the anticipated minor test higher,

with prices reaching 1.1580 before settling into fresh consolidation.

Weekly stochastics continue to rise and the weekly Tension Indicator is also turning higher, suggesting an improvement in sentiment and room for further strength in the coming sessions.

A break above 1.1580 will extend gains from the 1.1325 current year low of 24 June and open up the 1.1615 Fibonacci retracement.

Beyond here is stronger resistance at 1.1700 - congestion and the 50% retracement. But mixed/negative monthly charts should limit any initial tests in renewed selling interest/consolidation.

A break, if seen, should fade beneath 1.1790 - 1.1800.

Meanwhile, support remains at 1.1500.

A minor pullback towards here cannot be ruled out, as daily readings turn down.

But positive weekly charts should limit any tests in renewed consolidation/buying interest.

A close below 1.1500, if seen, would turn sentiment neutral and prompt renewed consolidation/choppy trade in congestion above 1.1400.