Chart EUR/USD Update: Consolidating
Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation beneath resistance at 1.1760
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1850 | ** | congestion | S1 | 1.1700 | ** | congestion | |
| R3 | 1.1825 | ** | 61.8% ret of Jan-Mar fall | S2 | 1.1670 | ** | 23 Apr (w) low | |
| R2 | 1.1800 | ** | congestion | S3 | 1.1640 | ** | 23 Mar (w) high | |
| R1 | 1.1760 | break level | S4 | 1.1600 | ** | congestion |
*Asterisk denotes strength of level
08:35 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation beneath resistance at 1.1760. Daily stochastics are rising, highlighting room for a break above here towards congestion resistance at 1.1800. Just higher is the 1.1825 Fibonacci retracement. But mixed weekly charts could limit any immediate tests of this range in consolidation. A close above 1.1825, however, will improve price action and extend March gains initially towards congestion around 1.1850. Meanwhile, support remains down to congestion around 1.1700 and extends to the 1.1670 weekly low of 23 April. This should underpin any immediate setbacks.