Published: 2024-05-10T07:47:13.000Z
Chart EUR/USD Update: Higher in range - background studies improving
Senior Technical Strategist
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Anticipated minor losses have bounced smartly from above 1.0700
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.0943 | 21 Mar (w) high | S1 | 1.0750 | * | break level | ||
R3 | 1.0885/00 | ** | 9 Apr (m) high; congestion | S2 | 1.0700 | * | congestion | |
R2 | 1.0850 | congestion | S3 | 1.0650 | congestion | |||
R1 | 1.0800 | * | congestion | S4 | 1.0600/10 | ** | congestion; 76.4% ret of Oct-Dec rally |
Asterisk denotes strength of level
08:25 BST - Anticipated minor losses have bounced smartly from above 1.0700, with the break above 1.0750 turning sentiment neutral. Focus is on congestion resistance at 1.0800, but flat overbought daily stochastics are expected to limit any initial tests in consolidation. However, the daily Tension Indicator is positive and broader weekly charts are improving, suggesting potential for a later break above here and continuation of mid-April gains towards congestion resistance at 1.0850. Meanwhile, any fresh tests below 1.0750 are expected to meet buying interest towards 1.0700.