Published: 2025-05-14T07:41:48.000Z
Chart EUR/USD Update: Further gains to remain limited
Senior Technical Strategist
2
The bounce from the 1.1065 low of 12 May has extended
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1425 | ** | 28 Apr (w) high | S1 | 1.1050 | ** | 61.8% ret of Mar-Apr rally | |
| 14 | 1.1400 | * | congestion | S2 | 1.1000 | ** | congestion | |
| R2 | 1.1280/00 | * | congestion | S3 | 1.0930 | ** | 76.4% ret of Mar-Apr rally | |
| R1 | 1.1200 | * | congestion | S4 | 1.0900 | ** | congestion |
Asterisk denotes strength of level
08:30 BST - The bounce from the 1.1065 low of 12 May has extended, with prices currently pressuring congestion resistance at 1.1200. Oversold daily stochastics are turning up, suggesting room for a test above here. But the negative daily Tension Indicator and deteriorating weekly charts are expected to limit scope in renewed selling interest towards congestion resistance within 1.1280 - 1.1300. Following any corrective trade, consolidation is highlighted, before prices turn down once again. But a close below support at the 1.1050 Fibonacci retracement is needed to turn sentiment negative and extend April losses towards congestion around 1.1000.