Chart EUR/USD Update: Leaning lower
Anticipated selling interest has reached support at 1.1300
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1573 | ** | 21 Apr YTD high | S1 | 1.1300 | * | break level | |
| 14 | 1.1500 | * | congestion | S2 | 1.1255 | * | 22 May low | |
| R2 | 1.1425 | ** | 28 Apr (w) high | S3 | 1.1200 | * | congestion | |
| R1 | 1.1400 | * | congestion | S4 | 1.1130 | * | 16 May low |
*Asterisk denotes strength of level
08:35 BST - Anticipated selling interest has reached support at 1.1300, where flattening oversold intraday studies are prompting short-term reactions. Overbought daily stochastics are turning down and the positive daily Tension Indicator is flattening, suggesting a deterioration in sentiment and room for further losses in the coming sessions. A break beneath here will open up the 1.1255 low of 22 May, where mixed weekly charts could prompt fresh consolidation. A close beneath here, if seen, will turn sentiment negative and open up congestion around 1.1200. Meanwhile, resistance remains at congestion around 1.1400 and extends to the 1.1425 weekly high of 28 April. A close above here, if seen, will improve price action and extend May gains initially towards congestion around 1.1500.