Chart EUR/USD Update: Focus on strong support
Cautious trade beneath 1.1550 has given way to renewed selling interest
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1665~ | * | 10 Mar (w) high | S1 | 1.1400/10 | * | cong; 13 Mar YTD low | |
| R3 | 1.1600 | ** | congestion | S2 | 1.1355 | ** | 38.2% ret of 2025-2026 rally | |
| R2 | 1.1550 | * | congestion | S3 | 1.1300 | * | congestion | |
| R1 | 1.1500 | ** | congestion | S4 | 1.1200/10 | * | cong; 29 May 2025 (w) low |
*Asterisk denotes strength of level
08:40 GMT - Cautious trade beneath 1.1550 has given way to renewed selling interest, with the break below 1.1500 giving way to consolidation above 1.1450. Mixed/negative intraday studies highlight room for continuation towards support within congestion around 1.1400 and the 1.1410 current year low of 13 March. But mixed daily readings could limit any initial tests in fresh consolidation, before bearish weekly charts prompt a break. A close beneath here will turn sentiment negative and extend late-January losses towards the 1.1355 Fibonacci retracement. Still lower is congestion around 1.1300. Meanwhile, a close back above congestion resistance at 1.1500 will help to stabilise sentiment and prompt consolidation beneath further congestion around 1.1550.