Chart EUR/USD Update: Extending cautious trade
Little change, as prices extend cautious trade beneath resistance at 1.0900
| 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
08:30 GMT - Little change, as prices extend cautious trade beneath resistance at 1.0900. Intraday studies are rising, suggesting room for a test above here. But unwinding overbought daily stochastics and the deteriorating daily Tension Indicator are expected to limit initial scope in renewed selling interest towards the 1.0936 monthly high of 5-6 November. Broader weekly charts are rising, but a close above here is needed to turn sentiment positive and extend January gains towards the 1.0970 Fibonacci retracement, where more significant selling interest is expected to appear. Meanwhile, support remains down to 1.0800 and extends to the 1.0765 low of 6 March. A close beneath here, if seen, would turn sentiment negative and confirm a correction of January gains.