Published: 2025-05-16T07:52:59.000Z
Chart EUR/USD Update: Gains to remain limited
Senior Technical Strategist
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Little change, as mixed intraday studies keep near-term sentiment cautious
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1425 | ** | 28 Apr (w) high | S1 | 1.1065 | 12 May low | ||
| 14 | 1.1400 | * | congestion | S2 | 1.1050 | ** | 61.8% ret of Mar-Apr rally | |
| R2 | 1.1280/00 | * | congestion | S3 | 1.1000 | ** | congestion | |
| R1 | 1.1200 | * | congestion | S4 | 1.0930 | ** | 76.4% ret of Mar-Apr rally |
Asterisk denotes strength of level
08:35 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation around congestion resistance at 1.1200. Daily stochastics are edging higher, suggesting room for a retest above here. But the negative daily Tension Indicator and bearish weekly charts should limit scope in renewed selling interest beneath 1.1280/00. Following any corrective trade, lower levels are looked for. But a close below support at the 1.1050 Fibonacci retracement and the 1.1065 low of 12 May is needed to turn sentiment negative and extend April losses initially towards congestion around 1.1000.