Chart EUR/USD Update: Balanced beneath 1.1800/30 year highs
Choppy intraday price action has tested higher once again, reaching 1.1780 before settling back to 1.1760
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2000 | ** | congestion | S1 | 1.1750 | * | break level | |
| R3 | 1.1900 | * | congestion | S2 | 1.1700 | * | congestion | |
| R2 | 1.1830 | ** | 1 Jul YTD high | S3 | 1.1600 | * | congestion | |
| R1 | 1.1800 | * | congestion | S4 | 1.1540 | * | 38.2% ret of May-Jul rally |
*Asterisk denotes strength of level
08:35 BST - Choppy intraday price action has tested higher once again, reaching 1.1780 before settling back to 1.1760. Intraday studies are mixed/negative, suggesting potential for a test below support at 1.1750. But rising daily readings should prompt renewed buying interest interest towards congestion support at 1.1700. In the coming sessions, a test of critical resistance at congestion around 1.1800 and the 1.1830 current year high of 1 July is possible. But negative weekly charts are expected to prompt fresh selling interest beneath here and limit any initial tests in consolidation, before positive longer-term charts push prices above here. Meanwhile, a close below 1.1700 would add weight to sentiment and give way to a pullback towards 1.1600, where renewed buying interest is looked for.