Chart EUR/USD Update: Leaning lower
Little change, as prices extend cautious trade beneath resistance at 1.0900
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1000 | ** | break level | S1 | 1.0800 | * | break level | |
| 14 | 1.0970 | ** | 76.4% ret of Sep-Jan fall | S2 | 1.0765 | * | 6 Mar low | |
| R2 | 1.0936 | ** | 5-6 Nov (m) high | S3 | 1.0600 | ** | congestion | |
| R1 | 1.0900 | * | break level | S4 | 1.0533 | ** | 27 Jan (m) high |
Asterisk denotes strength of level
08:35 GMT - Little change, as prices extend cautious trade beneath resistance at 1.0900. Intraday studies are under pressure and overbought daily stochastics are unwinding, highlighting room for a drift lower towards support at 1.0800. Just lower is the 1.0765 low of 6 March. The rising daily Tension Indicator and positive weekly charts are expected to limit any tests of this area in consolidation. But a close below 1.0765 would turn sentiment negative and prompt a deeper correction towards congestion around 1.0600. Following cautious trade, fresh gains are looked for. But a close above 1.0936 is needed to turn sentiment positive and extend January gains towards the 1.0970 Fibonacci retracement, where more significant selling interest is expected to appear.