Chart EUR/USD Update: Poised for deeper losses
Cautious trade has given way to a test of support at the 1.1650 recent range lows
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1800 | ** | break level | S1 | 1.1650 | recent range lows | ||
| R3 | 1.1750 | * | congestion | S2 | 1.1620~ | * | 15 Jun (w) high | |
| R2 | 1.1725 | ** | 76.4% ret of Apr-Jun fall | S3 | 1.1600 | * | congestion | |
| R1 | 1.1700 | * | congestion | S4 | 1.1550 | * | congestion |
*Asterisk denotes strength of level
08:35 BST - Cautious trade has given way to a test of support at the 1.1650 recent range lows, where mixed/negative intraday studies are prompting fresh consolidation. Daily stochastics are under pressure and the daily Tension Indicator has turned down, highlighting room for further losses in the coming sessions. A break beneath here will add weight to sentiment and open up a test of the 1.1620~ weekly high of 15 June. Just lower is congestion around 1.1600. But rising weekly charts could limit any initial tests of this range in fresh consolidation.
Meanwhile, resistance remains up to congestion around 1.1700, and should cap any immediate tests higher.