Chart EUR/USD Update: Leaning lower - strong support at 1.1600
The pullback from just beneath resistance at the 1.1789 weekly high of 24 July has extended to 1.1685
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2000 | ** | historic congestion | S1 | 1.1700 | * | congestion | |
| R3 | 1.1900 | ** | historic congestion | S2 | 1.1600 | * | congestion range lows | |
| R2 | 1.1830 | ** | 1 Jul YTD high | S3 | 1.1500 | ** | congestion | |
| R1 | 1.1789 | * | 24 Jul (w) high | S4 | 1.1400 | ** | congestion |
*Asterisk denotes strength of level
08:35 BST - The pullback from just beneath resistance at the 1.1789 weekly high of 24 July has extended to 1.1685, before bouncing back above congestion support at 1.1700. Daily studies are coming under pressure once again and broader weekly readings are also leaning lower, suggesting a more cautious tone and room for fresh tests lower in the coming sessions. A break back below 1.1700 will open up support at the 1.1600 range lows. However, already oversold weekly stochastics could limit any initial tests in renewed consolidation. Meanwhile, resistance remains at 1.1789 and should cap any immediate tests higher.