Chart EUR/USD Update: Consolidating recent gains
The break above 1.1300 is meeting selling interest just beneath congestion resistance at 1.1400
| 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
08:35 BST - The break above 1.1300 is meeting selling interest just beneath congestion resistance at 1.1400, as intraday studies turn down, with prices currently trading around 1.1335. Overbought daily stochastics are unwinding, highlighting room for a test of support at 1.1300. But the flat daily Tension Indicator is expected to prompt fresh consolidation around here, before deteriorating weekly charts prompt a break and put focus back on congestion support at 1.1200. Meanwhile, resistance remains at congestion around 1.1400 and extends to the 1.1425 weekly high of 28 April. A close above here, if seen, will improve price action and open up congestion around 1.1500, where fresh selling interest is expected to appear.