Published: 2025-05-07T01:31:45.000Z
Chart EUR/USD Update: Extend consolidation above 1.1265
Technical Analyst
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Extending consolidation above the 1.1265 support as daily studies unwind oversold readings
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1573 | ** | 21 Apr YTD high | S1 | 1.1265 | * | 1 May low | |
| 14 | 1.1500 | * | figure | S2 | 1.1200 | ** | congestion | |
| R2 | 1.1474 | * | 11 Apr high | S3 | 1.1145 | * | 3 Apr high | |
| R1 | 1.1400/25 | * | congestion. 28 Apr high | S4 | 1.1040 | * | 38.2% Jan/Apr rally |
Asterisk denotes strength of level
01:30 GMT - Extending consolidation above the 1.1265 support as daily studies unwind oversold readings. However, losses from the April YTD high at 1.1573 weighs and suggest scope for eventual break to trigger deep pullback to retrace the January/April rally. Lower will see room to the strong support at the 1.1200 congestion which extend to the 1.1145, 3rd April high. Meanwhile, resistance remains at the 1.1400/25 area and this is expected to cap and sustain losses from the 1.1573 high. Clearance will fade the downside pressure and return focus to the upside for retest of the 1.1500 figure.