Chart EUR/USD Update: Edging higher
Choppy trade has given way to anticipated gains
| 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
08:35 BST - Choppy trade has given way to anticipated gains, as intraday studies turn higher, with prices currently pressuring resistance at the 1.1789 weekly high of 24 July. Daily readings and weekly stochastics have also ticked up, suggesting room for a break towards critical resistance the 1.1830 current year high of 1 July. However, a close above here is needed to turn sentiment positive and confirm continuation of broad September 2022 gains, initially towards historic congestion around 1.1900. Meanwhile, support remains at congestion around 1.1700. An unexpected break beneath here should be limited in fresh consolidation above further congestion at 1.1650.