Published: 2025-05-09T07:48:29.000Z
Chart EUR/USD Update: Limited corrective gains from 1.1200
Senior Technical Strategist
1
Anticipated losses have reached congestion support at 1.1200
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1500 | ** | break level | S1 | 1.1200 | * | congestion | |
| 14 | 1.1425 | ** | 28 Apr (w) high | S2 | 1.1155 | ** | 50% ret of Mar-Apr rally | |
| R2 | 1.1400 | * | congestion | S3 | 1.1050 | ** | 61.8% ret of Mar-Apr rally | |
| R1 | 1.1280/00 | * | congestion | S4 | 1.1000 | ** | congestion |
Asterisk denotes strength of level
08:30 BST - Anticipated losses have reached congestion support at 1.1200, where unwinding oversold intraday studies are prompting a bounce. Focus is turning to resistance within the 1.1280 - 1.1300 range. But negative daily readings and deteriorating weekly charts are expected to limit any tests in renewed selling interest. Following cautious trade, fresh losses are looked for. A later close below 1.1200 will add weight to sentiment and extend April losses towards the 1.1155 Fibonacci retracement. Meanwhile, a close above 1.1280/00, if seen, will turn sentiment neutral and give way to consolidation beneath 1.1400/25.