Chart EUR/USD Update: Cautious trade
Little change, as a tick lower in intraday studies keeps near-term sentiment cautious
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1600 | congestion | S1 | 1.1275 | ** | July 2023 (y) high | ||
| 14 | 1.1500 | ** | break level | S2 | 1.1200 | ** | congestion | |
| R2 | 1.1474 | * | 11 Apr YTD high | S3 | 1.1100 | * | break level | |
| R1 | 1.1400 | * | congestion | S4 | 1.1000 | * | congestion |
Asterisk denotes strength of level
08:30 BST - Little change, as a tick lower in intraday studies keeps near-term sentiment cautious and prompts consolidation beneath congestion resistance at 1.1400. Overbought daily stochastics are also unwinding, highlighting potential for a pullback in the coming sessions. But the rising daily Tension Indicator and positive weekly charts are expected to limit losses in renewed buying interest/consolidation towards support at the 1.1275 year high of July 2023. A break, if seen, will open up congestion around 1.1200, where fresh buying interest is looked for. Meanwhile, resistance remains at 1.1400 and extends to the 1.1474 current year high of 11 April. A close above here, not yet seen, will improve sentiment and extend September 2022 gains towards 1.1500. Beyond here is the 1.1685 Fibonacci retracement, where more significant selling interest could appear.