Published: 2025-01-28T08:44:10.000Z
Chart EUR/USD Update: Turning away from 1.0500
Senior Technical Strategist
-
Choppy trade is giving way to the anticipated pullback
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0570 | ** | 38.2% ret of Sep-Jan fall | S1 | 1.0400 | ** | congestion | |
| 14 | 1.0520 | 24 Jan (w) high | S2 | 1.0350 | break level | |||
| R2 | 1.0500 | * | break level | S3 | 1.0300 | minor congestion | ||
| R1 | 1.0450 | ** | break level | S4 | 1.0260 | minor range lows |
Asterisk denotes strength of level
08:35 GMT - Choppy trade is giving way to the anticipated pullback, as intraday studies continue to track lower and overbought daily stochastics turn down, with the break below 1.0450 adding weight to sentiment and putting focus on congestion support at 1.0400. A test beneath here cannot be ruled out. But the positive daily Tension Indicator and improving weekly charts are expected to limit scope in renewed buying interest/consolidation towards 1.0350. Following cautious trade, fresh gains are looked for. However, a close above 1.0500 is needed to improve price action and extend January gains towards the 1.0570 Fibonacci retracement.