Chart EUR/USD Update: Balanced at highs - potential for a minor pullback
Little change, as negative intraday studies keep near-term sentiment cautious
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1600 | congestion | S1 | 1.1275 | ** | July 2023 (y) high | ||
| 14 | 1.1500 | ** | break level | S2 | 1.1200 | ** | congestion | |
| R2 | 1.1474 | * | 11 Apr YTD high | S3 | 1.1100 | * | break level | |
| R1 | 1.1400 | * | congestion | S4 | 1.1000 | * | congestion |
Asterisk denotes strength of level
08:30 BST - Little change, as negative intraday studies keep near-term sentiment cautious and extend consolidation beneath congestion resistance at 1.1400. Overbought daily stochastics are flattening, suggesting potential for a minor pullback. Support is at the 1.1275 year high of July 2023 and extends to congestion around 1.1200. But the positive daily Tension Indicator and rising weekly charts are expected to limit any tests of this range in renewed buying interest. A break beneath here, if seen, will add weight to sentiment and prompt a deeper reaction towards the 1.1100 break level. Following any cautious trade, fresh gains are looked for. A break above 1.1400 will open up the 1.1474 current year high of 11 April, ahead of resistance at 1.1500. Beyond here is the 1.1685 Fibonacci retracement, where more significant selling interest could appear.