Chart EUR/USD Update: Consolidating
Little change, as prices extend choppy trade around 1.1740
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2000 | ** | historic congestion | S1 | 1.1700 | * | congestion | |
| R3 | 1.1900 | ** | historic congestion | S2 | 1.1650 | * | congestion | |
| R2 | 1.1830 | ** | 1 Jul YTD high | S3 | 1.1600 | * | congestion range lows | |
| R1 | 1.1789 | * | 24 Jul (w) high | S4 | 1.1500 | ** | congestion |
*Asterisk denotes strength of level
08:25 BST - Little change, as prices extend choppy trade around 1.1740. Mixed daily readings are showing signs of improvement, suggesting room for a move higher. But mixed weekly charts are expected to limit any initial gains in consolidation beneath strong resistance at the 1.1789 weekly high of 24 July. A further close above critical resistance the 1.1830 current year high of 1 July is needed to turn sentiment positive and confirm continuation of September 2022 gains, initially towards historic congestion around 1.1900. Meanwhile, any fresh tests below congestion support at 1.1700 should give way to consolidation around further congestion at 1.1650.