Chart EUR/USD Update: Leaning lower in range
The bounce from the 1.1730~ low of 20 April has met selling interest beneath congestion resistance at 1.1800
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1900 | * | congestion | S1 | 1.1760 | break level | ||
| R3 | 1.1850 | break level | S2 | 1.1730~ | 20 Apr low | |||
| R2 | 1.1825 | ** | 61.8% ret of Jan-Mar fall | S3 | 1.1700 | ** | congestion | |
| R1 | 1.1800 | ** | congestion | S4 | 1.1640 | ** | 23 Mar (w) high |
*Asterisk denotes strength of level
08:30 BST - The bounce from the 1.1730~ low of 20 April has met selling interest beneath congestion resistance at 1.1800, as intraday studies turn down, with focus turning back to support at the 1.1760 break level. Overbought daily stochastics continue to unwind and the positive daily Tension Indicator is flattening, suggesting room for a break beneath here towards 1.1730. Continuation beneath here will open up congestion around 1.1700, but rising weekly charts should limit any initial tests in fresh consolidation. Meanwhile, resistance remains at congestion around 1.1800 and the 1.1825 Fibonacci retracement. A close above here, if seen, will turn sentiment positive and extend mid-March gains initially to 1.1850.