Chart EUR/USD Update: Extend consolidation above 1.1600
Turned back up from test below the 1.1600 level to extend consolidation within the wide Tuesday's range from the 1.1530 low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1800/30 | ** | congestion, Jul high | S1 | 1.1600 | * | congestion | |
| 14 | 1.1765 | * | 6 Feb low, congestion | S2 | 1.1578 | * | Jan low | |
| R2 | 1.1700 | * | congestion | S3 | 1.1530 | ** | 3 Mar YTD low | |
| R1 | 1.1650 | congestion | S4 | 1.1500 | * | congestion |
Asterisk denotes strength of level
01:40 GMT - Turned back up from test below the 1.1600 level to extend consolidation within the wide Tuesday's range from the 1.1530 low. Consolidation see prices unwinding oversold intraday studies following sharp losses this week from the 1.1795 high of Monday. Negative daily and weekly charts keeps pressure on the downside and below the 1.1600 level and 1.1530 low will see room to extend losses to the 1.1500 level. Meanwhile, resistance is lowered to the 1.1650/1.1700 congestion area, which is expected to cap. Only above here will see room for retest strong resistance at 1.1765 and 1.1800/30 area.