Published: 2025-05-06T07:49:41.000Z
Chart EUR/USD Update: Consolidating - gains to remain limited
Senior Technical Strategist
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No significant change
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1573 | * | 21 Apr YTD high | S1 | 1.1265 | 1 May low | ||
| 14 | 1.1500 | ** | break level | S2 | 1.1250 | * | 38.2% ret of Mar-Apr rally | |
| R2 | 1.1425 | ** | 28 Apr (w) high | S3 | 1.1200 | * | congestion | |
| R1 | 1.1400 | * | congestion | S4 | 1.1155 | ** | 50% ret of Mar-Apr rally |
Asterisk denotes strength of level
08:40 BST - No significant change, as prices extend cautious trade above support at the 1.1250 Fibonacci retracement and the 1.1265 weekly low of 1 May. Intraday studies have ticked higher and oversold daily stochastics are also turning up, suggesting potential for a move towards congestion resistance at 1.1400 and the 1.1425 weekly high of 28 April. But the negative daily Tension Indicator and unwinding overbought weekly stochastics are expected to limit any initial tests in consolidation. Meanwhile, a close below 1.1250, if seen, will add weight to sentiment and extend April losses initially to congestion around 1.1200.