Chart EUR/USD Update: Choppy below 1.0950 - scope for corrective pullback
Extending consolidation below the 1.0950 resistance with upside pressure starting to fade as daily studies turned mixed at overbought areas
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1100 | * | congestion | S1 | 1.0822/00 | ** | congestion | |
| R3 | 1.1050 | * | congestion | S2 | 1.0760 | * | Oct low | |
| R2 | 1.1000 | ** | Sep low | S3 | 1.0700 | * | congestion | |
| R1 | 1.0950 | ** | Jul high, congestion | S4 | 1.0665 | * | Jun low |
Asterisk denotes strength of level
01:30 GMT - Extending consolidation below the 1.0950 resistance with upside pressure starting to fade as daily studies turned mixed at overbought areas. However, the downside still limited and see break of the 1.0900 needed to expose strong support at the 1.0822/00 area. Would take break here to turn focus lower to correct recent strong gains from the 1.0360, 28 February low. Lower will see room for deeper corrective pullback to 1.0760 support and 1.0700 congestion. Would take break above 1.0950 congestion to see extension to the strong resistance at 1.1000, September low.