Chart EUR/USD Update: Drifting lower
Cautious trade has given way to anticipated losses
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1665~ | * | 10 Mar (w) high, 38.2% ret | S1 | 1.1500 | ** | congestion | |
| R3 | 1.1640 | * | 23 Mar high | S2 | 1.1450 | recent lows, congestion | ||
| R2 | 1.1600 | ** | congestion | S3 | 1.1400/11 | ** | congestion; 13 Mar YTD low | |
| R1 | 1.1550 | * | congestion | S4 | 1.1355 | ** | 38.2% ret of 2025-2026 rally |
*Asterisk denotes strength of level
08:30 GMT - Cautious trade has given way to anticipated losses, with prices currently drifting lower towards congestion support at 1.1500. Overbought daily stochastics are unwinding and the positive daily Tension Indicator is flattening, highlighting room for a break beneath here towards congestion around 1.1450. However, unwinding oversold weekly stochastics could limit any initial tests in consolidation, before the negative weekly Tension Indicator and deteriorating longer-term charts prompt further losses. Meanwhile, resistance is lowered to congestion around 1.1550. A close above here, if seen, would help to stabilise price action and give way to consolidation beneath further congestion around 1.1600.