Chart EUR/USD Update: Cautious trade - studies under pressure
The sharp pullback from the 1.1785 weekly high of 1 May is giving way to consolidation within the 1.1670 - 1.1700 range
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1800/25 | ** | congestion; 61.8% ret | S1 | 1.1670 | ** | 23 Apr (w) low | |
| R3 | 1.1785 | * | 1 May (w) high | S2 | 1.1640 | ** | 23 Mar (w) high | |
| R2 | 1.1760 | break level | S3 | 1.1600 | ** | congestion | ||
| R1 | 1.1700 | ** | congestion | S4 | 1.1550 | * | congestion |
*Asterisk denotes strength of level
08:30 BST - The sharp pullback from the 1.1785 weekly high of 1 May is giving way to consolidation within the 1.1670 - 1.1700 range, as intraday studies turn mixed. Daily stochastics and the daily Tension Indicator have turned down, highlighting room for further losses in the coming sessions. A break below the 1.1670 weekly low of 23 April will add weight to sentiment and open up the 1.1640 weekly high of 23 March. However, already oversold daily stochastics and mixed weekly charts could limit any deeper losses in fresh consolidation above congestion around 1.1600. Meanwhile, a close above congestion resistance at 1.1700 will help to stabilise price action and prompt consolidation beneath 1.1760.