Chart EUR/USD Update: Limited tests higher
Anticipated selling interest beneath congestion resistance within 1.1280 - 1.1300 has given way to a pullback
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1425 | ** | 28 Apr (w) high | S1 | 1.1050 | ** | 61.8% ret of Mar-Apr rally | |
| 14 | 1.1400 | * | congestion | S2 | 1.1000 | ** | congestion | |
| R2 | 1.1280/00 | * | congestion | S3 | 1.0930 | ** | 76.4% ret of Mar-Apr rally | |
| R1 | 1.1200 | * | congestion | S4 | 1.0900 | ** | congestion |
Asterisk denotes strength of level
08:30 BST - Anticipated selling interest beneath congestion resistance within 1.1280 - 1.1300 has given way to a pullback, with prices currently balanced around congestion resistance at 1.1200. Oversold daily stochastics are edging higher, suggesting room for a retest above here. But negative daily stochastics and bearish weekly charts should limit scope in renewed selling interest beneath 1.1280/00. Following any corrective trade, lower levels are looked for. But a close below support at the 1.1050 Fibonacci retracement is needed to turn sentiment negative and extend April losses initially towards congestion around 1.1000.