Chart EUR/USD Update: Scope for stronger bounce from 1.1507 fresh year low
Saw bounce from fresh year low at 1.1507 to regain the 1.1600 level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1800/30 | ** | congestion, Jul high | S1 | 1.1578 | * | Jan low | |
| 14 | 1.1765 | ** | 6 Feb low, congestion | S2 | 1.1507 | ** | 9 Mar YTD low | |
| R2 | 1.1700 | * | congestion | S3 | 1.1470 | ** | Nov low | |
| R1 | 1.1650 | * | congestion | S4 | 1.1400 | * | congestion |
Asterisk denotes strength of level
01:30 GMT - Saw bounce from fresh year low at 1.1507 to regain the 1.1600 level as prices unwind oversold intraday and daily studies. Daily studies are tracking higher from oversold areas and suggest room for stronger gains to retrace recent sharp losses from the February high towards resistance at the 1.1650/1.1700 area. Above the latter will open up room to strong resistance at 1.1740/65 February lows. Would take break here to return focus to the upside for retest of 1.1800/30 area and 1.1900 congestion. Meanwhile, support is raised to the 1.1600/1.1578 congestion and low of January, now expected to underpin and sustain bounce from the 1.1507 current year low.