Chart EUR/USD Update: Consolidating, scope for bounce
Range-bound in consolidation above support at the 1.1450 congestion as prices unwind oversold intraday studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1655 | ** | 30 Apr low | S1 | 1.1450 | * | congestion | |
| R3 | 1.1600 | * | congestion | S2 | 1.1410/00 | ** | Mar low, congestion | |
| R2 | 1.1575/50 | ** | May low, congestion | S3 | 1.1350 | * | congestion | |
| R1 | 1.1500 | * | congestion | S4 | 1.1325 | ** | 24 Jun YTD low |
Asterisk denotes strength of level
01:30 GMT - Range-bound in consolidation above support at the 1.1450 congestion as prices unwind oversold intraday studies. Daily studies are stretched as well and suggest scope for bounce to retrace recent sharp losses from the 1.1655, 9 September high. Resistance is at 1.1500 and clearance will open up room to strong resistance at the 1.1550/75 area which is expected to cap. Would take break to revive upside focus towards 1.1655 and 1.1710 highs. Break of the 1.1450 support, if seen, will open up room for retest of the 1.1410 March low. Below here will see potential back to the July low at 1.1350 then 1.1325, June current year low.