Chart EUR/USD Update: Limited tests higher
Cautious trade above the 1.1470~ low of 5 November is giving way to a drift higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1700 | * | congestion | S1 | 1.1470~ | 5 Nov low | ||
| R3 | 1.1600 | * | congestion | S2 | 1.1400 | ** | cong, Jul-Aug (m) lows | |
| R2 | 1.1550 | * | break level | S3 | 1.1350 | * | congestion | |
| R1 | 1.1500 | ** | congestion | S4 | 1.1250 | ** | 38.2% ret of Jan-Sep rally |
*Asterisk denotes strength of level
08:30 GMT - Cautious trade above the 1.1470~ low of 5 November is giving way to a drift higher, with prices currently trading around congestion resistance at 1.1500. Rising intraday studies and a tick higher in oversold daily stochastics highlight room for a break above here. But the flat daily Tension Indicator and negative weekly charts are expected to limit scope in renewed selling interest beneath resistance at the 1.1550 break level. Following cautious trade, September losses are expected to continue. A break below 1.1470~ will open up strong support at 1.1400. Just lower is congestion around 1.1350. Already oversold daily stochastics could limit any initial tests of this range in short-covering/consolidation.