Chart EUR/USD Update: Consolidating test of 1.0448 resistance
Settled back from spike to the 1.0448 resistance as prices consolidate strong gains from Monday's 1.0210 low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0570 | * | 38.2% Sep/Jan fall | S1 | 1.0350 | * | congestion | |
| R3 | 1.0533 | ** | 27 Jan YTD high | S2 | 1.0300 | * | congestion | |
| R2 | 1.0500 | * | congestion | S3 | 1.0210 | * | 3 Feb low | |
| R1 | 1.0448 | * | 2023 year low | S4 | 1.0177 | ** | 13 Jan YTD low |
Asterisk denotes strength of level
01:30 GMT - Settled back from spike to the 1.0448 resistance as prices consolidate strong gains from Monday's 1.0210 low and unwind overbought intraday studies. Positive daily and weekly studies are still rising and suggest consolidation to give way to renewed buying pressure later. Above the 1.0448 resistance will open up room to target the 1.0500 level then 1.0533, January high. Clearance here will confirm a double bottom at the January/February lows and sets up scope for stronger recovery to retrace losses from the September high. Meanwhile, support at the 1.0350/1.0300 congestion should underpin and limit corrective pullback.