EUR/USD is consolidating after a test above resistance at 1.1450 met selling interest. Continuum Economics says daily and weekly momentum readings are improving, but the pair needs a close above the 1.1473 weekly high to extend its late-June gains.
EUR/USD stalled after pushing above congestion resistance at 1.1450, where selling interest pulled the pair back into fresh consolidation beneath that level, according to Continuum Economics.
Momentum, however, is shifting. Daily readings continue to rise and oversold weekly stochastics are turning higher, which the analysis suggests leaves room for further gains in the coming sessions.
The near-term test is clear. A close above the 1.1473 weekly high of 2 July is needed to improve sentiment and extend the late-June advance toward congestion around 1.1500.
To the downside, support remains at congestion around 1.1400. A break beneath there, if seen, would add weight to sentiment and put focus on critical support within the 1.1325 to 1.1355 range.
Source: Continuum Economics (snippet-based)
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