Chart EUR/USD Update: Choppy trade under pressure
The opening gap below 1.1760 has bounced from 1.1730~
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1850 | break level | S1 | 1.1730~ | intraday low | |||
| R3 | 1.1825 | ** | 61.8% ret of Jan-Mar fall | S2 | 1.1700 | ** | congestion | |
| R2 | 1.1800 | ** | congestion | S3 | 1.1640 | ** | 23 Mar (w) high | |
| R1 | 1.1760 | break level | S4 | 1.1600 | ** | congestion |
*Asterisk denotes strength of level
08:35 BST - The opening gap below 1.1760 has bounced from 1.1730~, as oversold intraday studies flatten, with prices currently pressuring 1.1760. A test back above here cannot be ruled out. But unwinding overbought daily stochastics and a tick lower in the positive daily Tension Indicator should limit scope in renewed selling interest beneath strong resistance at congestion around 1.1800 and the 1.1825 Fibonacci retracement. In the coming sessions, fresh losses are looked for, with focus to turn to congestion support at 1.1700. However, positive weekly charts should limit any deeper losses in renewed buying interest above the 1.1640 weekly high of 23 March. Meanwhile, a close above 1.1825, not yet seen, will turn sentiment positive once again and extend mid-March gains initially to 1.1850.