Chart EUR/USD Update: Consolidating - studies improving
Little change, as prices extend cautious trade beneath resistance within congestion around 1.1600 and the 1.1620~ weekly high of 15 June
| 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 - Little change, as prices extend cautious trade beneath resistance within congestion around 1.1600 and the 1.1620~ weekly high of 15 June. Intraday studies are turning higher and daily stochastics are rising, suggesting room for a test. But the flat daily Tension Indicator could prompt fresh consolidation, before rising weekly charts help to push prices higher. A close above here will improve sentiment and extend late-June gains initially towards the 1.1650 Fibonacci retracement. A break will open up congestion around 1.1700.
Meanwhile, support remains at congestion around 1.1550. An unexpected close beneath here will add weight to sentiment and put focus on further congestion around 1.1500, where renewed buying interest should appear.