Chart EUR/USD Update: Any pullback to remain limited
The anticipated break above resistance at congestion around 1.1700 has been pushed back from beneath the 1.1725 Fibonacci retracement
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1800 | ** | break level | S1 | 1.1670~ | * | 20-21 Aug 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
08:25 BST - The anticipated break above resistance at congestion around 1.1700 has been pushed back from beneath the 1.1725 Fibonacci retracement, as intraday studies turn down, with prices currently balanced in consolidation above the 1.1670~ lows from 20-21 August. Overbought daily stochastics are flattening, suggesting room for a test beneath here. But the positive daily Tension Indicator and rising weekly charts should limit scope in renewed buying interest/consolidation above support at congestion around 1.1600 and the 1.1620~ weekly high of 15 June.
Following cautious/corrective trade, fresh gains are looked for. However, a close above 1.1725 is needed to turn sentiment positive and extend late-June gains initially towards congestion within the 1.1750 - 1.1800 range.