Chart EUR/USD Update: Choppy in range - daily studies rising
Cautious trade has given way to a sharp pullback to congestion support at 1.1600
| 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 - Cautious trade has given way to a sharp pullback to congestion support at 1.1600, before bouncing sharply into fresh consolidation beneath resistance at 1.1655. Daily readings continue to rise and bearish weekly stochastics are flattening, suggesting room for a fresh test above here towards congestion around 1.1700. But the bearish weekly Tension Indicator and negative longer-term charts should limit any further gains in consolidation beneath congestion around 1.1750. Meanwhile, support remains at 1.1600. A close beneath here, not yet seen, will add weight to sentiment and extend mid-April losses initially towards further congestion around 1.1550.