Chart EUR/USD Update: Leaning lower
The test above resistance at 1.0500 has been pushed back from the 1.0533 current year high of 27 January
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0600 | ** | break level | S1 | 1.0450 | congestion | ||
| 14 | 1.0570 | ** | 38.2% ret of Sep-Jan fall | S2 | 1.0400 | ** | congestion | |
| R2 | 1.0533 | ** | 27 Jan YTD high | S3 | 1.0350 | * | break level | |
| R1 | 1.0500 | * | break level | S4 | 1.0300 | congestion |
Asterisk denotes strength of level
08:25 GMT - The test above resistance at 1.0500 has been pushed back from the 1.0533 current year high of 27 January, as intraday studies turn down, with prices currently trading around 1.0475. Overbought daily stochastics are turning down and the positive daily Tension Indicator is flattening, suggesting room for a test down to congestion support at 1.0450. Beneath here is further congestion around 1.0400. But positive weekly charts are expected to limit any tests of here in renewed buying interest. Following cautious trade, higher levels are looked for. But a close above 1.0533 is needed to turn sentiment positive and extend January gains initially to the 1.0570 Fibonacci retracement.