Chart EUR/USD Update: Minor pullback
The test of resistance at 1.0450 is giving way to the anticipated minor pullback
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0600 | ** | break level | S1 | 1.0400 | ** | congestion | |
| 14 | 1.0570 | ** | 38.2% ret of Sep-Jan fall | S2 | 1.0350 | break level | ||
| R2 | 1.0500 | * | break level | S3 | 1.0300 | minor congestion | ||
| R1 | 1.0450 | ** | break level | S4 | 1.0260 | 15 Jan low |
Asterisk denotes strength of level
08:25 GMT - The test of resistance at 1.0450 is giving way to the anticipated minor pullback, as intraday studies turn down, with prices currently pressuring congestion support at 1.0400. Overbought daily stochastics are also coming under pressure, highlighting room for a test beneath here. But the rising daily Tension Indicator and improving weekly charts are expected to limit scope in renewed buying interest towards 1.0350. Following corrective trade, fresh gains are looked for. A later break above 1.0450 will open up 1.0500. A further close above here is needed to turn sentiment positive and extend January gains towards the 1.0570 Fibonacci retracement.