Published: 2025-01-27T08:47:49.000Z
Chart EUR/USD Update: Consolidating gains - background studies positive
Senior Technical Strategist
1
The anticipated test of 1.0500 has been pushed back from 1.0520
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0600 | ** | break level | S1 | 1.0450 | ** | break level | |
| 14 | 1.0570 | ** | 38.2% ret of Sep-Jan fall | S2 | 1.0400 | ** | congestion | |
| R2 | 1.0520 | 24 Jan (w) high | S3 | 1.0350 | break level | |||
| R1 | 1.0500 | * | break level | S4 | 1.0300 | minor congestion |
Asterisk denotes strength of level
08:35 GMT - The anticipated test of 1.0500 has been pushed back from 1.0520, as intraday studies turn down, with prices reaching support at 1.0450 before settling into consolidation around 1.0475. Overbought daily stochastics are flat, suggesting potential for a test below 1.0450. But the rising daily Tension Indicator and improving weekly charts should limit losses in renewed buying interest above congestion support at 1.0400. Following cautious trade, fresh gains are looked for. A later close above 1.0500 will improve price action and extend January gains towards the 1.0570 Fibonacci retracement.