Chart EUR/USD Update: Consolidating - studies under pressure
Little change, as prices extend cautious trade beneath congestion resistance at 1.1700
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1830 | ** | 1 Jul YTD high | S1 | 1.1600 | * | congestion | |
| R3 | 1.1800 | * | congestion | S2 | 1.1540 | * | 38.2% ret of May-Jul rally | |
| R2 | 1.1750 | * | break level | S3 | 1.1500 | * | congestion | |
| R1 | 1.1700 | * | congestion | S4 | 1.1450 | ** | 50% ret of May-Jul rally |
*Asterisk denotes strength of level
08:35 BST - Little change, as prices extend cautious trade beneath congestion resistance at 1.1700. Intraday studies are rising and oversold daily stochastics are flattening, suggesting potential for a test above here. But the negative daily Tension Indicator and deteriorating weekly charts should limit any break in renewed selling interest beneath 1.1750. Following cautious trade, fresh losses are looked for. A later break below the 1.1655~ low of 14 July will open up congestion support at 1.1600, with further selling pressure targeting the 1.1540 Fibonacci retracement. Already oversold daily stochastics could limit any initial tests of here in consolidation. Meanwhile, a close back above 1.1750, if seen, would help to stabilise price action once again and give way to consolidation beneath congestion resistance at 1.1800.