Chart EUR/USD Update: Balanced around 1.1200 - daily studies rising
The anticipated break above 1.1200 has reached 1.1235~, where unwinding overbought intraday studies have prompted a pullback into fresh consolidation around 1.1200
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1325 | ** | 24 Jun (m) low | S1 | 1.1150 | congestion | ||
| R3 | 1.1270 | ** | 16 Oct (w) high | S2 | 1.1130 | ** | 50% ret of 2025-2026 rally | |
| R2 | 1.1250 | congestion tops | S3 | 1.1110/15 | ** | 14-29 Oct YTD low | ||
| R1 | 1.1200 | ** | break level | S4 | 1.1065 | ** | 12 May (m) low |
*Asterisk denotes strength of level
08:35 GMT - The anticipated break above 1.1200 has reached 1.1235~, where unwinding overbought intraday studies have prompted a pullback into fresh consolidation around 1.1200. Daily readings continue to track higher and flat oversold weekly stochastics are edging higher, suggesting room for a fresh test higher. A break back above 1.1200 will open up congestion around 1.1250. Just higher is the 1.1270 weekly high of 16 October, where already overbought daily stochastics and mixed weekly charts should prompt profit-taking/consolidation. A close above here, however, will complete a base above the 1.1110/15 current year lows from 14-29 October and extend gains towards the 1.1325 monthly low of 24 June, ahead of the 1.1340 Fibonacci retracement.
Meanwhile, support remains at congestion around 1.1150. A close back beneath here would add weight to sentiment and open up strong support within the 1.1110/15 - 1.1130 range. Further losses would turn sentiment negative and extend January losses, initially to the 1.1065 monthly low of 12 May.