Published: 2025-01-24T08:46:32.000Z
Chart EUR/USD Update: Room for higher in the coming sessions
Senior Technical Strategist
1
Cautious trade around 1.0400 has given way to a break higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0629 | ** | 6 Dec (m) high | S1 | 1.0450 | ** | break level | |
| 14 | 1.0600 | ** | break level | S2 | 1.0400 | ** | congestion | |
| R2 | 1.0570 | ** | 38.2% ret of Sep-Jan fall | S3 | 1.0350 | break level | ||
| R1 | 1.0500 | * | break level | S4 | 1.0300 | minor congestion |
Asterisk denotes strength of level
08:35 GMT - Cautious trade around 1.0400 has given way to a break higher, with steady buying interest currently approaching resistance at 1.0500. Intraday studies are positive and the daily Tension Indicator is rising, highlighting room for a break and extension of January gains towards the 1.0570 Fibonacci retracement. However, flat overbought daily stochastics are expected to limit any initial tests in consolidation, before improving weekly charts extend gains still further. Meanwhile, support is raised to 1.0450. A break beneath here, if seen, will turn sentiment cautious once again and prompt renewed consolidation above 1.0400.