Chart EUR/USD Update: Consolidating - studies under pressure
Consolidation has given way to a drift lower to congestion support at 1.1400
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1550 | * | congestion | S1 | 1.1400 | * | congestion | |
| R3 | 1.1500 | ** | congestion | S2 | 1.1377 | * | 13 Jul (w) low | |
| R2 | 1.1482 | ** | 15 Jul (w) high | S3 | 1.1355 | ** | 38.2% ret of 2025-2026 rally | |
| R1 | 1.1450 | * | congestion | S4 | 1.1325 | ** | 24 Jun YTD low |
*Asterisk denotes strength of level
08:30 BST - Consolidation has given way to a drift lower to congestion support at 1.1400, before bouncing into fresh consolidation around 1.1425. Overbought daily stochastics are unwinding and the rising daily Tension Indicator is showing early signs of flattening, suggesting room for a later break below 1.1400 towards the 1.1377 weekly low of 13 July. However, deteriorating weekly charts point to room for a later break and deeper losses towards strong support at the 1.1325 current year low of 24 June. Meanwhile, resistance remains at congestion around 1.1450. Any immediate tests above here should fade into consolidation beneath the 1.1482 weekly high of 15 July.