Published: 2025-01-20T14:38:28.000Z
Chart EUR/USD Update: Sharp bounce
Senior Technical Strategist
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Cautious trade has given way to a sharp run higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0500 | * | break level | S1 | 1.0350 | break level | ||
| 14 | 1.0458 | ** | 30 Dec (w) high | S2 | 1.0300 | minor congestion | ||
| R2 | 1.0436 | * | 6 Jan (w) high | S3 | 1.0260 | 15 Jan low | ||
| R1 | 1.0400 | ** | congestion | S4 | 1.0200 | ** | 61.8% ret of 2022-2023 rally |
Asterisk denotes strength of level
14:25 GMT - Cautious trade has given way to a sharp run higher, with prices currently pressuring congestion resistance at 1.0400. Intraday studies are rising, highlighting room for continuation towards the 1.0436 weekly high of 6 January. However, overbought intraday stochastics could limit any initial tests in consolidation, before improving daily readings prompt continuation towards 1.0458. Meanwhile, support is raised to 1.0350 and extends to 1.0300. This area should underpin any immediate setbacks.