Chart EUR/USD Update: Cautious trade
Little change, as prices extend cautious trade around congestion resistance at 1.0300
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0436 | 6 Jan high | S1 | 1.0260 | 15 Jan low | |||
| 14 | 1.0400 | ** | congestion | S2 | 1.0200 | ** | 61.8% ret of 2022-2023 rally | |
| R2 | 1.0350 | break level | S3 | 1.0177 | * | 13 Jan YTD low | ||
| R1 | 1.0300 | minor congestion | S4 | 1.0100 | * | congestion |
Asterisk denotes strength of level
08:30 GMT - Little change, as prices extend cautious trade around congestion resistance at 1.0300. Oversold intraday studies are unwinding and daily readings continue to improve, suggesting potential for a test higher in the coming sessions. Focus is expected to turn to 1.0350, but mixed weekly charts are expected to limit any immediate break in fresh consolidation beneath congestion around 1.0400. Meanwhile, immediate support is at the 1.0260 low of 15 January. But stronger support remains at the 1.0200 Fibonacci retracement and extends to the 1.0177 current year low of 13 January. This area should underpin any immediate tests.