Chart EUR/USD Update: Consolidating sharp gains
Sharp gains have been pushed back from beneath the 1.1745 Fibonacci retracement
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1825 | ** | 61.8% ret of Jan-Mar fall | S1 | 1.1640 | ** | 23 Mar (w) high | |
| R3 | 1.1800 | ** | congestion | S2 | 1.1600 | ** | congestion | |
| R2 | 1.1745 | ** | 50% ret of Jan-Mar fall | S3 | 1.1550 | * | congestion | |
| R1 | 1.1700 | ** | congestion | S4 | 1.1500 | ** | congestion |
*Asterisk denotes strength of level
08:35 BST - Sharp gains have been pushed back from beneath the 1.1745 Fibonacci retracement, as intraday studies turn down, with prices currently balanced around 1.1660. Immediate focus is on support at the 1.1640 weekly high of 23 March. But rising daily readings and unwinding oversold weekly stochastics should limit any break in renewed consolidation above congestion support at 1.1600. Following cautious/corrective trade, fresh gains are looked for. A close above 1.1700 will put focus back on 1.1745. But negative weekly stochastics and bearish longer-term readings should limit any further gains in profit-taking towards 1.1800/25.