Chart EUR/USD Update: Consolidating sharp bounce from fresh year low
Anticipated selling interest has spiked to post a fresh year low at 1.1530
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1835 | * | 23 Feb (w) high | S1 | 1.1600 | ** | congestion | |
| R3 | 1.1800 | * | congestion | S2 | 1.1578 | * | 19 Jan (m) low | |
| R2 | 1.1770 | congestion lows | S3 | 1.1550 | * | congestion | ||
| R1 | 1.1700 | * | congestion | S4 | 1.1530 | * | 3 Mar YTD low |
*Asterisk denotes strength of level
08:35 GMT - Anticipated selling interest has spiked to post a fresh year low at 1.1530, before bouncing sharply into consolidation above support at the 1.1578 monthly low of 19 January and congestion around 1.1600. Oversold intraday studies are unwinding, suggesting room for a test higher. But negative daily and weekly readings should limit any gains in renewed selling interest beneath congestion resistance at 1.1700. Following cautious/choppy trade, fresh losses are looked for. A close below 1.1578/00 will add weight to sentiment and extend late-January losses below congestion around 1.1550 towards 1.1530. However, already oversold daily stochastics could limit any further tests beneath here in short-covering/consolidation above congestion support at 1.1500.