Chart EUR/USD Update: Consolidating at 1.1700, room for lower later
Break of the 1.1770/1.1742 support has seen follow-through to further retrace the January gains to reach support at 1.1670/65
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1900/20 | ** | congestion, 2025 year high | S1 | 1.1670/65 | * | 22 Jan low, 200-day MA | |
| 14 | 1.1850 | * | congestion | S2 | 1.1650 | * | 19 Feb low | |
| R2 | 1.1830 | ** | Jul high, congestion | S3 | 1.1600 | * | congestion | |
| R1 | 1.1770 | * | congestion | S4 | 1.1576 | ** | 19 Jan YTD low |
Asterisk denotes strength of level
01:50 GMT - Break of the 1.1770/1.1742 support has seen follow-through to further retrace the January gains to reach support at 1.1670/65, 22 Jan low and 200-day MA. Consolidation here see prices unwinding oversold intraday studies but the negative daily and weekly charts keeps pressure on the downside and suggest scope for break later to open up room to 1.1650 support. Lower still, will see room to the 1.1600 level and 1.1576, 19 January current year low. Meanwhile, resistance remains at the 1.1770/1.1830 area which is expected to cap. Regaining thjis is needed to fade the downside pressure and revive the upside focus.