Published: 2025-03-18T08:47:35.000Z
Chart EUR/USD Update: Focus on the 1.0970 Fibonacci retracement
Senior Technical Strategist
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Cautious trade has given way to anticipated gains
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1100 | ** | congestion | S1 | 1.0900 | * | break level | |
| 14 | 1.1070 | ** | break level | S2 | 1.0822 | * | 13 Mar low | |
| R2 | 1.1000 | ** | break level | S3 | 1.0800 | * | break level | |
| R1 | 1.0970 | ** | 76.4% ret of Sep-Jan fall | S4 | 1.0765 | * | 6 Mar low |
Asterisk denotes strength of level
08:35 GMT - Cautious trade has given way to anticipated gains, with prices currently balanced beneath the 1.0955~ fresh 2025 year high. Flat daily readings have ticked marginally higher, highlighting room for continuation of January gains towards the 1.0970 Fibonacci retracement. Just higher is 1.1000. But overbought daily stochastics are expected to limit any initial tests of this area in consolidation, before rising weekly charts prompt a break and open up 1.1070. Meanwhile, support is raised to 1.0900. An unexpected close beneath here would turn sentiment neutral and give way to consolidation above the 1.0822 low of 13 March.