Chart EUR/USD Update: Room for higher
The anticipated break above 1.1650 has reached 1.1680
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1800 | ** | congestion | S1 | 1.1650 | * | congestion | |
| R3 | 1.1780~ | ** | 1 Oct (m) high | S2 | 1.1600 | * | congestion | |
| R2 | 1.1728 | ** | 17 Oct (w) high | S3 | 1.1550 | * | break level | |
| R1 | 1.1700 | * | congestion | S4 | 1.1500 | ** | congestion |
*Asterisk denotes strength of level
08:35 GMT - The anticipated break above 1.1650 has reached 1.1680, where flat intraday studies are prompting consolidation. Daily readings continue to rise and broader weekly charts are improving, highlighting a positive tone and room for further strength in the coming sessions. Focus is on congestion resistance at 1.1700 and the 1.1728 weekly high of 17 October. But already overbought daily stochastics are expected to limit any initial tests of this range in fresh consolidation, before November gains extend still further. Meanwhile, support is raised to congestion around 1.1650. A close beneath here, if seen, will help to stabilise price action and prompt consolidation above further congestion around 1.1600.