Chart EUR/USD Update: Leaning lower
Little change, as prices extend consolidation around 1.1555
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1830 | ** | 1 Jul YTD high | S1 | 1.1500 | ** | congestion | |
| R3 | 1.1750 | * | break level | S2 | 1.1400 | ** | congestion | |
| R2 | 1.1700 | * | congestion | S3 | 1.1360 | ** | 61.8% ret of May-Jul rally | |
| R1 | 1.1600 | * | congestion | S4 | 1.1300 | * | congestion |
*Asterisk denotes strength of level
08:30 BST - Little change, as prices extend consolidation around 1.1555. Intraday studies are under pressure, highlighting room for a drift lower. But rising daily stochastics are expected to limit initial scope in fresh consolidation above congestion support at 1.1500, before the bearish daily Tension Indicator and negative weekly charts prompt a break. A close below 1.1500 will add weight to sentiment and extend July losses initially to the 1.1360 Fibonacci retracement. A further close beneath here will open up 1.1300. Meanwhile, resistance remains at congestion around 1.1600. Any tests above here should be met with fresh selling interest beneath congestion around 1.1700.