Chart EUR/USD Update: Lower in range
Little change, as the bounce from congestion support at 1.1600 is pushed back from resistance at the 1.1655 weekly low of 30 April
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1800 | ** | congestion | S1 | 1.1600 | ** | congestion | |
| R3 | 1.1750 | congestion | S2 | 1.1550 | * | congestion | ||
| R2 | 1.1700 | ** | congestion | S3 | 1.1500 | ** | congestion | |
| R1 | 1.1655 | ** | 30 Apr (w) low | S4 | 1.1450 | * | congestion |
*Asterisk denotes strength of level
08:25 BST - Little change, as the bounce from congestion support at 1.1600 is pushed back from resistance at the 1.1655 weekly low of 30 April, with prices currently trading around 1.1635. Intraday studies are under pressure, highlighting room for a drift back down to 1.1600. But improving daily readings should limit any initial tests in fresh consolidation, before deteriorating weekly charts prompt further losses. A close beneath here will add weight to sentiment and extend mid-April losses towards further congestion around 1.1550. Beneath here is 1.1500. Meanwhile, any tests above 1.1655 should give way to consolidation beneath 1.1700.