Chart EUR/USD Update: Smart bounce from 1.1800, but studies under pressure
Anticipated losses have bounced from above congestion support at 1.1800 to reach 1.1855
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2082 | ** | 27 Jan YTD high | S1 | 1.1800 | * | congestion | |
| R3 | 1.2000/20 | ** | figure; 38.2% ret | S2 | 1.1770 | ** | 61.8% ret of January rally | |
| R2 | 1.1950 | break level | S3 | 1.1750 | ** | congestion | ||
| R1 | 1.1900 | * | congestion | S4 | 1.1695/00 | ** | 76.4% ret; congestion |
*Asterisk denotes strength of level
08:30 GMT - Anticipated losses have bounced from above congestion support at 1.1800 to reach 1.1855, where renewed selling interest is appearing. Intraday studies are mixed/negative and daily readings are under pressure, highlighting a fresh test of 1.1800. Overbought weekly stochastics and the positive weekly Tension Indicator are turning down, highlighting a deterioration in broader sentiment. However, a close below the 1.1770 Fibonacci retracement is needed to confirm continuation of January losses and open up a test of 1.1695/00. Meanwhile, resistance remains up to congestion around 1.1900 and should cap any immediate tests higher.