Chart EUR/USD Update: Room for higher in the coming sessions
Consolidation around resistance at 1.1200 has given way to a pullback to congestion support at 1.1150
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1325 | ** | 24 Jun (m) low | S1 | 1.1150 | congestion | ||
| R3 | 1.1270 | ** | 16 Oct (w) high | S2 | 1.1130 | ** | 50% ret of 2025-2026 rally | |
| R2 | 1.1250 | congestion tops | S3 | 1.1110/15 | ** | 14-29 Oct YTD low | ||
| R1 | 1.1200 | ** | break level | S4 | 1.1065 | ** | 12 May (m) low |
*Asterisk denotes strength of level
08:25 GMT - Consolidation around resistance at 1.1200 has given way to a pullback to congestion support at 1.1150, where a fresh bounce has put prices back at 1.1200. Intraday studies are rising and daily readings have turned positive, suggesting an improvement in sentiment and room for further gains in the coming sessions. A break above 1.1200 will open up strong resistance at congestion around 1.1250. Just higher is the 1.1270 weekly high of 16 October, where already overbought daily stochastics and mixed weekly charts should prompt profit-taking/consolidation. A close above here, however, will complete a base above the 1.1110/15 current year lows from 14-29 October and extend gains towards the 1.1325 monthly low of 24 June, ahead of the 1.1340 Fibonacci retracement.
Meanwhile, support remains at congestion around 1.1150. A close back beneath here would add weight to sentiment and open up strong support within the 1.1110/15 - 1.1130 range. Further losses would turn sentiment negative and extend January losses, initially to the 1.1065 monthly low of 12 May.