Chart EUR/USD Update: Consolidating test of 1.0850 high
No follow-through on break of the 1.0800/22 resistance as prices consolidate test of 1.0850 high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1000 | ** | Sep low | S1 | 1.0732/30 | * | 27 Mar low, 38.2% | |
| R3 | 1.0950/54 | ** | Jul high, 18 Mar YTD high | S2 | 1.0700 | * | congestion | |
| R2 | 1.0900 | * | congestion | S3 | 1.0665/60 | * | Jun low, 50% | |
| R1 | 1.0800/22 | * | congestion, 13 Mar low | S4 | 1.0600 | ** | Apr low, congestion |
Asterisk denotes strength of level
01:25 GMT - No follow-through on break of the 1.0800/22 resistance as prices consolidate test of the 1.0850 high. Daily studies have turned up from oversold readings and suggest consolidation to give way to for retest of the 1.0900 congestion. Beyond this will return focus to the 1.0950/54, resistance and 18 Mar YTD high. Clearance here will see scope to strong resistance at 1.1000 figure, though potential would turn to the 1.1200 high. Meanwhile, support at the 1.0732/30 low and 38.2% Fibonacci level should underpin. Failure here will open up room for deeper correction to 1.0665/60, June low and 50% Fibonacci level.