Chart EUR/USD Update: Opening losses not sustained
The opening gap lower has bounced from 1.1665, with prices currently pressuring congestion resistance at 1.1700
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1825 | ** | 61.8% ret of Jan-Mar fall | S1 | 1.1640 | ** | 23 Mar (w) high | |
| R3 | 1.1800 | ** | congestion | S2 | 1.1600 | ** | congestion | |
| R2 | 1.1745 | ** | 50% ret of Jan-Mar fall | S3 | 1.1550 | * | congestion | |
| R1 | 1.1700 | ** | congestion | S4 | 1.1500 | ** | congestion |
*Asterisk denotes strength of level
08:40 BST - The opening gap lower has bounced from 1.1665, with prices currently pressuring congestion resistance at 1.1700. Negative intraday studies and a tick lower in overbought daily stochastics should limit any immediate break above here in fresh consolidation beneath the 1.1745 Fibonacci retracement. However, the rising daily Tension Indicator and improving weekly charts point to later strength. A close above 1.1745 will improve sentiment and extend mid-March gains towards 1.1800/25, where fresh selling interest is expected to appear. Meanwhile, support remains down to the 1.1640 weekly high of 23 March and should underpin any immediate setbacks.