Chart EUR/USD Update: Range trade - studies under pressure
Cautious/choppy trade around resistance at 1.1655 has given way to a pullback
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1800 | ** | congestion | S1 | 1.1600 | ** | congestion | |
| R3 | 1.1750 | congestion | S2 | 1.1550 | * | congestion | ||
| R2 | 1.1700 | ** | congestion | S3 | 1.1500 | ** | congestion | |
| R1 | 1.1655 | ** | 30 Apr (w) low | S4 | 1.1450 | * | congestion |
*Asterisk denotes strength of level
08:25 BST - Cautious/choppy trade around resistance at 1.1655 has given way to a pullback, with prices testing below congestion support at 1.1600 before bouncing back above here. Daily readings are coming under fresh pressure and broader weekly charts are bearish, highlighting room for fresh losses in the coming sessions. A later close below 1.1600 will add weight to sentiment and extend mid-April losses towards further congestion around 1.1550. Continuation down to further congestion around 1.1500 cannot be ruled out. Meanwhile, a close above the 1.1655 weekly low of 30 April, if seen, will help to stabilise price action and prompt consolidation beneath congestion resistance at 1.1700.