Chart EUR/USD Update: Room for a minor pullback
Consolidation beneath the 1.1145 fresh year high of 3 April is expected to give way to a pullback
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1275 | ** | Jul 2023 (y) high | S1 | 1.1000 | ** | congestion | |
| 14 | 1.1200/15 | ** | cong; Sep 2024 (y) high | S2 | 1.0900 | * | break level | |
| R2 | 1.1145 | * | 3 Apr YTD high | S3 | 1.0850 | break level | ||
| R1 | 1.1100 | * | break level | S4 | 1.0800 | ** | congestion |
Asterisk denotes strength of level
08:35 BST - Consolidation beneath the 1.1145 fresh year high of 3 April is expected to give way to a pullback, as intraday studies turn down, with focus turning to congestion support at 1.1000. A break beneath here will add weight to sentiment and open up support at 1.0900. But rising daily readings and mixed/positive weekly charts should limit any tests in renewed buying interest/consolidation towards here. Meanwhile, resistance is at the 1.1100 break level. But a close above 1.1145 is needed, not yet seen, to turn sentiment positive and confirm continuation of January gains, initially to strong resistance at 1.1200/15.