Chart EUR/USD Update: Poised for fresh gains
The anticipated test of resistance at the 1.1560~ high of 3 August is giving way to consolidation
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1620~ | * | 15 Jun (w) high | S1 | 1.1500 | ** | congestion | |
| R3 | 1.1600 | * | congestion | S2 | 1.1482 | ** | 15 Jul (w) high | |
| R2 | 1.1585 | ** | 50% ret of Apr-Jun fall | S3 | 1.1450 | * | congestion | |
| R1 | 1.1560~ | 3 Aug high | S4 | 1.1400 | * | congestion |
*Asterisk denotes strength of level
08:35 BST - The anticipated test of resistance at the 1.1560~ high of 3 August is giving way to consolidation, as overbought intraday studies unwind, with prices currently balanced around 1.1545. The daily Tension Indicator continues to rise and overbought daily stochastics have ticked higher, suggesting room for further gains in the coming sessions. A break above here will improve sentiment and extend late-June gains initially towards strong resistance at the 1.1585 Fibonacci retracement and congestion around 1.1600. Meanwhile, support remains at congestion around 1.1500 and extends to the 1.1482 weekly high of 15 July. A close beneath here, if seen, should give way to fresh consolidation above further congestion around 1.1450.