Chart EUR/USD Update: Cautious trade
Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above support at the 1.1550 break level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1728 | ** | 17 Oct (w) high | S1 | 1.1550 | * | break level | |
| R3 | 1.1700 | * | congestion | S2 | 1.1500 | ** | congestion | |
| R2 | 1.1650 | * | congestion | S3 | 1.1470~ | ** | 5 Nov low | |
| R1 | 1.1600 | * | congestion | S4 | 1.1400 | ** | cong, Jul-Aug (m) lows |
*Asterisk denotes strength of level
08:30 GMT - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above support at the 1.1550 break level. Daily readings continue to rise and oversold weekly stochastics are flattening, highlighting room for a test of congestion resistance at 1.1600. But the negative weekly Tension Indicator should limit any immediate break in renewed selling interest/consolidation beneath further congestion around 1.1650. Meanwhile, a close below 1.1550 will turn sentiment neutral and prompt consolidation above strong support within congestion around 1.1500 and the 1.1470~ low of 5 November.