Chart EUR/USD Update: Sharp bounce
Consolidation above 1.1450 has given way to a sharp bounce
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1745 | ** | 50% ret of Jan-Mar fall | S1 | 1.1550 | * | congestion | |
| R3 | 1.1700 | * | congestion | S2 | 1.1500 | ** | congestion | |
| R2 | 1.1665~ | * | 10 Mar (w) high, 38.2% ret | S3 | 1.1400/10 | * | cong; 13 Mar YTD low | |
| R1 | 1.1600 | ** | congestion | S4 | 1.1355 | ** | 38.2% ret of 2025-2026 rally |
*Asterisk denotes strength of level
08:40 GMT - Consolidation above 1.1450 has given way to a sharp bounce, with prices reaching 1.1600~ before settling into consolidation around 1.1570. Daily readings are rising, highlighting room for a test back above congestion resistance at 1.1600. But negative weekly charts should limit scope in renewed selling interest towards the 1.1665 weekly high of 10 March and Fibonacci retracement. A close above here, however, would turn sentiment positive and extend mid-March gains towards the 1.1745 retracement. Meanwhile, support is raised to congestion around 1.1550. A close beneath here would help to stabilise sentiment and prompt consolidation above further congestion around 1.1500.