Chart EUR/USD Update: Balanced in range
Little change, as mixed/negative intraday studies keep near-term sentiment cautious
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1795/00 | ** | 50% ret; congestion | S1 | 1.1600 | ** | congestion | |
| R3 | 1.1725 | * | 38.2% ret of Jan-Mar fall | S2 | 1.1550 | * | congestion | |
| R2 | 1.1700 | * | congestion | S3 | 1.1500 | ** | congestion | |
| R1 | 1.1655 | 4 Mar high | S4 | 1.1470~ | * | 5 Nov (m) low |
*Asterisk denotes strength of level
08:40 GMT - Little change, as mixed/negative intraday studies keep near-term sentiment cautious and extend consolidation within the 1.1600 - 1.1655 range. Oversold daily stochastics are unwinding and the daily Tension Indicator is flat, suggesting room for a retest of the 1.1655 high of 4 March. But negative weekly charts should limit any further break in renewed selling interest beneath resistance at congestion around 1.1700 and the 1.1725 Fibonacci retracement. Meanwhile, support remains at congestion around 1.1600. A close beneath here would open up congestion around 1.1550, where fresh consolidation is expected to appear.