Chart EUR/USD Update: Choppy trade - studies under pressure
Anticipated tests lower have bounced from 1.1560~
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1800 | * | congestion | S1 | 1.1600 | ** | congestion | |
| R3 | 1.1770 | congestion lows | S2 | 1.1578 | * | 19 Jan (m) low | ||
| R2 | 1.1700 | * | congestion | S3 | 1.1550 | * | congestion | |
| R1 | 1.1655 | 4 Mar high | S4 | 1.1530 | * | 3 Mar YTD low |
*Asterisk denotes strength of level
08:35 GMT - Anticipated tests lower have bounced from 1.1560~, with prices once again balanced in cautious trade above support within the 1.1578 monthly low of 19 January and congestion around 1.1600. Both daily and weekly readings remain under pressure, highlighting room for fresh losses in the coming sessions. A later close below 1.1578/00 will add weight to sentiment and extend late-January losses below congestion around 1.1550 towards 1.1530. However, already oversold daily stochastics could limit any initial tests beneath here in short-covering/consolidation above congestion support at 1.1500. Meanwhile, an unexpected break above resistance at the 1.1655 high of 4 March should meet renewed selling interest beneath congestion around 1.1700.