Chart EUR/USD Update: Extending pressure on 1.1600
Still little change, as cautious trade extends fresh pressure on congestion support at 1.1600, following the spike down to 1.1575~
| 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
08:35 BST - Still little change, as cautious trade extends fresh pressure on congestion support at 1.1600, following the spike down to 1.1575~. Daily readings are mixed/negative and broader weekly charts are bearish, highlighting room for fresh losses in the coming sessions. A later close beneath here will add weight to sentiment and extend mid-April losses towards further congestion around 1.1550. Beneath here is 1.1500. Meanwhile, resistance remains at the 1.1655 weekly low of 30 April, and should cap any immediate tests higher. A close above here, if seen, should give way to consolidation beneath 1.1700.