Chart EUR/USD Update: Pushing higher
Cautious trade is giving way to a sharp break higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1573 | ** | 21 Apr YTD high | S1 | 1.1300 | * | break level | |
| 14 | 1.1500 | * | congestion | S2 | 1.1200 | * | congestion | |
| R2 | 1.1425 | ** | 28 Apr (w) high | S3 | 1.1130 | * | 16 May low | |
| R1 | 1.1400 | * | congestion | S4 | 1.1065 | ** | 12 May (w) low |
*Asterisk denotes strength of level
08:30 BST - Cautious trade is giving way to a sharp break higher, with prices currently pressuring resistance within congestion around 1.1400 and the 1.1425 weekly high of 28 April. Intraday studies have turned positive and daily readings are also improving, highlighting room for a break above here and continuation of May gains, initially towards congestion around 1.1500. Broader weekly charts are mixed, suggesting any initial tests could give way to consolidation, before rising longer-term charts extend gains still further. A close above the 1.1573 current year high of 21 April will confirm continuation of September 2022 gains. Meanwhile, support remains at 1.1300. A close beneath here, if seen, will turn sentiment neutral and prompt consolidation above congestion around 1.1200.