Chart EUR/USD Update: Consolidating gains - studies remain positive
Little change, as the test of resistance within the 1.1800 - 1.1825 range gives way to anticipated consolidation
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1900 | * | congestion | S1 | 1.1760 | break level | ||
| R3 | 1.1850 | break level | S2 | 1.1700 | ** | congestion | ||
| R2 | 1.1825 | ** | 61.8% ret of Jan-Mar fall | S3 | 1.1640 | ** | 23 Mar (w) high | |
| R1 | 1.1800 | ** | congestion | S4 | 1.1600 | ** | congestion |
*Asterisk denotes strength of level
08:35 BST - Little change, as the test of resistance within the 1.1800 - 1.1825 range gives way to anticipated consolidation. Intraday studies are turning down, highlighting room for a minor pullback. But positive daily readings and rising weekly charts should limit scope in renewed buying interest towards support at the 1.1760 break level. A close beneath here, however, will add weight to sentiment and open up a deeper pullback towards congestion around 1.1700. Following cautious/corrective trade, fresh gains are looked for. However, a close above the 1.1825 Fibonacci retracement is needed to confirm continuation of mid-March gains and initially open up 1.1850.