Chart EUR/USD Update: Consolidating, room for higher later
Little change, as prices settled back from the 1.1559 high to consolidate strong gains from the 1.1355, July low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1685 | ** | 29 May high | S1 | 1.1500 | * | congestion | |
| R3 | 1.1655 | ** | 30 Apr low | S2 | 1.1482 | ** | 15 Jul high | |
| R2 | 1.1600 | * | congestion | S3 | 1.1450 | * | congestion | |
| R1 | 1.1575 | ** | Jan, May lows | S4 | 1.1410 | * | Mar low |
Asterisk denotes strength of level
01:35 GMT - Little change, as prices settled back from the 1.1559 high to consolidate strong gains from the 1.1355, July low. Daily studies are unwinding overbought readings and see scope for break of 1.1500 to open up room for deeper pullback to support at the 1.1482 mid-July high and 1.1450 congestion area. Bullish gains from the 1.1325 June current year low suggest correction giving way to renewed strength later to retrace losses from the April high. Above 1.1559 will see room to strong resistance at the 1.1575 May low and the 1.1600 congestion. Higher still, will open up room to 1.1655/1.1685 area.