Chart EUR/USD Update: Price action remains cautious
Little change, as prices extend cautious trade following the retest above congestion resistance at 1.1700
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1825 | ** | 61.8% ret of Jan-Mar fall | S1 | 1.1640 | ** | 23 Mar (w) high | |
| R3 | 1.1800 | ** | congestion | S2 | 1.1600 | ** | congestion | |
| R2 | 1.1745 | ** | 50% ret of Jan-Mar fall | S3 | 1.1550 | * | congestion | |
| R1 | 1.1700 | ** | congestion | S4 | 1.1500 | ** | congestion |
*Asterisk denotes strength of level
08:35 BST - Little change, as prices extend cautious trade following the retest above congestion resistance at 1.1700. The daily Tension Indicator continues to rise, suggesting room for a retest above 1.1700. But overbought daily stochastics and flattening and broader weekly charts are mixed, suggesting potential for renewed selling interest towards strong resistance at the 1.1745 Fibonacci retracement. A close above here, if seen, would improve sentiment and extend mid-March gains towards 1.1800/25, where fresh selling interest is expected to appear. Meanwhile, support remains down to the 1.1640 weekly high of 23 March and should underpin any immediate setbacks.