Published: 2026-05-06T11:32:21.000Z
Chart EUR/USD Update: Approaching strong resistance at 1.1800/25
-
Anticipated gains have all but reached congestion resistance at 1.1800
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1900 | * | congestion | S1 | 1.1760 | break level | ||
| R3 | 1.1850 | * | congestion, 17 Apr (m) high | S2 | 1.1700 | ** | congestion | |
| R2 | 1.1825 | ** | 61.8% ret of Jan-Mar fall | S3 | 1.1670 | ** | 23 Apr (w) low | |
| R1 | 1.1800 | ** | congestion | S4 | 1.1640 | ** | 23 Mar (w) high |
*Asterisk denotes strength of level
12:15 BST - Anticipated gains have all but reached congestion resistance at 1.1800, where flattening overbought intraday studies are expected to prompt fresh consolidation. Daily readings are turning higher and mixed weekly charts are showing early signs of improvement, suggesting room for further gains in the coming sessions. However, a close above the 1.1825 Fibonacci retracement is needed to turn sentiment positive and confirm continuation of mid-March gains and initially open up 1.1850. Meanwhile, a close back below 1.1760 would stabilise sentiment and prompt consolidation above congestion support at 1.1700.