Chart EUR/USD Update: Leaning lower in choppy trade
The anticipated minor test higher has met selling interest around 1.1655
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1800 | * | congestion | S1 | 1.1600 | ** | congestion | |
| R3 | 1.1770 | congestion lows | S2 | 1.1578 | * | 19 Jan (m) low | ||
| R2 | 1.1700 | * | congestion | S3 | 1.1550 | * | congestion | |
| R1 | 1.1655 | 4 Mar high | S4 | 1.1530 | * | 3 Mar YTD low |
*Asterisk denotes strength of level
08:35 GMT - The anticipated minor test higher has met selling interest around 1.1655, with steady losses once again putting pressure on support within the 1.1578 monthly low of 19 January and congestion around 1.1600. Intraday studies are turning down, and both daily and weekly readings are under pressure, highlighting room for further losses in the coming sessions. A close below 1.1578/00 will add weight to sentiment and extend late-January losses below congestion around 1.1550 towards 1.1530. However, already oversold daily stochastics could limit any further tests beneath here in short-covering/consolidation above congestion support at 1.1500. Meanwhile, an unexpected break above the 1.1655 high of 4 March should meet renewed selling interest beneath congestion around 1.1700.