Chart EUR/USD Update: Leaning lower
Little change, as consolidation beneath strong resistance at the 1.0970 Fibonacci retracement gives way to a pullback
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1000 | ** | break level | S1 | 1.0822 | * | 13 Mar low | |
| 14 | 1.0970 | ** | 76.4% ret of Sep-Jan fall | S2 | 1.0800 | * | break level | |
| R2 | 1.0954 | 18 Mar YTD high | S3 | 1.0765 | * | 6 Mar low | ||
| R1 | 1.0900 | * | break level | S4 | 1.0600 | ** | congestion |
Asterisk denotes strength of level
08:20 GMT - Little change, as consolidation beneath strong resistance at the 1.0970 Fibonacci retracement gives way to a pullback, with prices currently trading around 1.0870, Intraday studies have ticked lower once again and daily readings are also under pressure, highlighting room for a deeper correction towards the 1.0822 low of 13 March. Just beneath here is the 1.0800 break level. But a close below the 1.0765 low of 6 March is needed to turn sentiment negative and prompt a deeper correction, opening up congestion around 1.0600. Meanwhile, resistance is lowered to 1.0900. A close above here, if seen, would turn sentiment neutral and give way to fresh consolidation beneath 1.0970.