Chart EUR/USD Update: Under pressure
Cautious trade is giving way to a test lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1573 | * | 21 Apr YTD high | S1 | 1.1265 | 1 May (w) low | ||
| 14 | 1.1500 | ** | break level | S2 | 1.1250 | * | 38.2% ret of Mar-Apr rally | |
| R2 | 1.1425 | ** | 28 Apr (w) high | S3 | 1.1200 | * | congestion | |
| R1 | 1.1400 | * | congestion | S4 | 1.1155 | ** | 50% ret of Mar-Apr rally |
Asterisk denotes strength of level
08:35 BST - Cautious trade is giving way to a test lower, as intraday studies turn down, with focus on the 1.1265 weekly low of 1 May and the 1.1250 Fibonacci retracement. Oversold daily stochastics are also turning down once again and the daily Tension Indicator is bearish, highlighting room for further losses in the coming sessions. A break below this area will add weight to sentiment and extend April losses initially towards congestion around 1.1200. Deteriorating weekly charts highlight room for continuation towards the 1.1155 retracement. Meanwhile, resistance remains at congestion around 1.1400 and extends to the 1.1425 weekly high of 28 April. This range should continue to cap any immediate tests higher.