Chart EUR/USD Update: Studies under pressure
Still little change, as prices extend cautious trade above support at 1.0800
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1000 | ** | break level | S1 | 1.0800 | * | break level | |
| 14 | 1.0970 | ** | 76.4% ret of Sep-Jan fall | S2 | 1.0765 | * | 6 Mar low | |
| R2 | 1.0936 | ** | 5-6 Nov (m) high | S3 | 1.0600 | ** | congestion | |
| R1 | 1.0900 | * | break level | S4 | 1.0533 | ** | 27 Jan (m) high |
Asterisk denotes strength of level
08:35 GMT - Still little change, as prices extend cautious trade above support at 1.0800. Intraday studies are under pressure and daily readings are turning down, highlighting room for a break towards the 1.0765 low of 6 March. A further close beneath here would turn sentiment negative and open up congestion support at 1.0600. However, rising weekly charts are expected to prompt renewed buying interest towards here. Meanwhile, resistance remains at 1.0900 and extends to the 1.0936 monthly high of 5-6 November. A close above here, if seen, would turn sentiment positive and extend January gains towards the 1.0970 Fibonacci retracement, where more significant selling interest is expected to appear.