Published: 2025-07-08T01:48:17.000Z
Chart EUR/USD Update: Consolidating at 1.1700, room for deeper pullback
Technical Analyst
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Turned down from the 1.1830 high as prices consolidate gains from 1.1065 May low to reach support at 1.1700
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.900/10 | * | congestion, Sep 2021 high | S1 | 1.1707/00 | * | 30 Jun low, congestion | |
| 14 | 1.1850 | * | congestion | S2 | 1.1631 | * | 12 Jun high | |
| R2 | 1.1830 | ** | 1 Jul YTD high | S3 | 1.1573 | ** | Apr high | |
| R1 | 1.1750 | * | congestion | S4 | 1.1500 | * | congestion |
Asterisk denotes strength of level
01:45 GMT - Turned down from the 1.1830 high as prices consolidate gains from 1.1065 May low to reach support at 1.1700. Daily studies are unwinding overbought readings and suggest room for break to open up deeper losses to strong support at 1.1631 and 1.1573, previous highs. Corrective trade expected to give way to renewed buying interest later. Meanwhile, resistance is at the 1.1750/1.1800 area and clearance here needed to expose the 1.1830 high to retest. Break here will extend the gains from September 2022 low to target the 1.1850 congestion and 1.1900/10 resistance.