Chart EUR/USD Update: Lower in consolidation from the 1.0500/1.0533 resistance
Settling back from retest of the 1.0500/33 resistance and January YTD high as prices unwind the overbought intraday studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0630 | * | Dec high | S1 | 1.0450 | * | congestion | |
| R3 | 1.0600 | * | congestion | S2 | 1.0400 | * | 19 Feb low, congestion | |
| R2 | 1.0570 | * | 38.2% Sep/Jan fall | S3 | 1.0350 | * | congestion | |
| R1 | 1.0533 | ** | 27 Jan YTD high | S4 | 1.0300/82 | ** | congestion, 10 Feb low |
Asterisk denotes strength of level
01:20 GMT - Settling back from retest of the 1.0500/33 resistance and January YTD high as prices unwind the overbought intraday studies. The daily studies are stretched as well and caution pullback to the 1.0450 support and where break will see room for deeper pullback to correct gains from the 1.0210, February low. Lower will see room to the 1.0400 low of last week which is expected to underpin. Correction expected to give way to renewed buying interest later. Break above the 1.0500/33 resistance will further retrace the September/January losses and see room to 1.0570, 50% Fibonacci level.