Chart EUR/USD Update: Strong resistance at 1.1800/15
The sharp bounce from 1.1600 has been pushed back from 1.1765
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1815 | ** | 76.4% ret of Sep-Nov fall | S1 | 1.1700 | * | congestion | |
| R3 | 1.1800 | * | congestion | S2 | 1.1650 | * | congestion | |
| R2 | 1.1768 | spike high | S3 | 1.1600 | ** | congestion | ||
| R1 | 1.1750 | * | congestion | S4 | 1.1550 | ** | 76.4% ret of Nov-Dec rally |
*Asterisk denotes strength of level
15:25 GMT - The sharp bounce from 1.1600 has been pushed back from 1.1765, as overbought intraday studies tick lower, with steady selling interest giving way to choppy trade around 1.1730. Daily stochastics are rising, unwinding positive divergence, and the bearish daily Tension Indicator is ticking higher, suggesting room for a fresh test above congestion resistance at 1.1750. Focus will then turn to stronger resistance at congestion around 1.1800 and the 1.1815 Fibonacci retracement. But mixed/negative weekly charts should prompt profit-taking/consolidation beneath here. Meanwhile, support is raised to congestion around 1.1700. A close beneath here will turn sentiment neutral and prompt fresh consolidation above further congestion around 1.1650.