Chart EUR/USD Update: Fresh 5-year high
Anticipated gains have posted a fresh 5-year high at 1.1878
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2020 | ** | 38.2% ret of 2008-2020 fall | S1 | 1.1830 | ** | 1 Jul (m) high | |
| R3 | 1.2000 | ** | historic congestion | S2 | 1.1789 | * | 24 Jul (w) high | |
| R2 | 1.1900 | ** | historic congestion | S3 | 1.1700 | * | congestion | |
| R1 | 1.1878 | 16 Sep YTD high | S4 | 1.1650 | * | congestion |
*Asterisk denotes strength of level
08:35 BST - Anticipated gains have posted a fresh 5-year high at 1.1878, before settling lower as overbought intraday studies unwind. Immediate focus is on the 1.1830 monthly high of 1 July. But rising daily readings and improving weekly charts are expected to limit any immediate break in renewed buying interest/consolidation above the 1.1789 weekly high of 24 July. A close beneath here, however, would delay any immediate gains and prompt consolidation above congestion around 1.1700. Following cautious trade, fresh gains are looked for. A later break above 1.1878 will target historic congestion around 1.1900, with room to extend September 2022 gains towards stronger resistance at 1.2000/20.