Chart EUR/USD Update: Consolidating - any gains to remain limited
The anticipated minor test lower has bounced from 1.1615~
| 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
07:55 BST - The anticipated minor test lower has bounced from 1.1615~, as intraday studies turn higher once again, with prices once again balanced beneath resistance at the 1.1655 weekly low of 30 April. Oversold daily stochastics are unwinding and the bearish daily Tension Indicator is flattening, suggesting room for a test above here. But deteriorating weekly charts should limit scope in renewed selling interest beneath congestion around 1.1700. Following cautious/corrective trade, fresh losses are looked for. A later close below congestion support at 1.1600 will add weight to sentiment and extend mid-April losses towards further congestion around 1.1550. Beneath here is 1.1500.