FX June 17, 2022 / 07:46 am UTC

Chart EUR/USD Update: Run to 1.0600 giving way to consolidation

By Mike Macdonald


R41.0785**38.2% ret of
Feb-May fall

10 Jun high
**13 May YTD low
S41.0340**Jan 2017 (y) low

Asterisk denotes strength of level

08:30 BST - Choppy trade around 1.0400 has given way to a smart bounce to 1.0600, where unwinding overbought intraday studies are prompting fresh selling interest. Steady losses have reached 1.0500, but rising daily stochastics and the flattening bearish daily Tension Indicator are expected to limit any immediate break in fresh consolidation above 1.0400. Following corrective trade, a test above 1.0600 cannot be ruled out. However, mixed/negative weekly charts are expected to prompt fresh selling interest towards 1.0700.

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