Chart EUR/USD Update: Edging higher
Cautious trade is giving way to a drift higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1919 | ** | 17 Sep YTD high | S1 | 1.1750 | * | congestion | |
| R3 | 1.1848 | 18 Sep high | S2 | 1.1700 | * | congestion | ||
| R2 | 1.1815 | ** | 76.4% ret of Sep-Nov fall | S3 | 1.1650 | * | congestion | |
| R1 | 1.1800 | * | congestion | S4 | 1.1600 | * | congestion |
*Asterisk denotes strength of level
08:30 GMT - Cautious trade is giving way to a drift higher, as intraday studies continue to rise, with prices currently trading around 1.1780. A test of strong resistance at congestion around 1.1800 and the 1.1815 Fibonacci retracement is looked for. But already overbought intraday studies and mixed daily readings are expected to limit any initial tests in consolidation. Broader weekly charts continue to rise. But a close above here is needed to turn sentiment positive and extend November gains initially to the 1.1848 high of 18 September. Meanwhile, support is raised to congestion around 1.1750. A close beneath here, if seen, will turn sentiment neutral and prompt consolidation above further congestion around 1.1700.