Chart EUR/USD Update: Limited tests lower
Consolidation beneath congestion resistance at 1.1600 has given way to a drift lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1700 | * | congestion | S1 | 1.1500 | ** | congestion | |
| R3 | 1.1665~ | * | 10 Mar (w) high, 38.2% ret | S2 | 1.1450 | recent lows, congestion | ||
| R2 | 1.1600 | ** | congestion | S3 | 1.1400/10 | * | congestion; 13 Mar YTD low | |
| R1 | 1.1550 | * | congestion | S4 | 1.1355 | ** | 38.2% ret of 2025-2026 rally |
*Asterisk denotes strength of level
08:35 GMT - Consolidation beneath congestion resistance at 1.1600 has given way to a drift lower, as intraday studies turn down, with steady losses currently trading around 1.1530. Continuation down to congestion support at 1.1500 is looked for. But rising daily readings should limit any break in renewed buying interest towards 1.1450. A further break, however, will add weight to sentiment and open up critical support at congestion around 1.1400 and the 1.1410 current year low of 13 March. Meanwhile, resistance is lowered to congestion around 1.1550. But a close above 1.1600 is needed to turn sentiment positive and open up a test of 1.1665.