Chart EUR/USD Update: Choppy in range
Little change, as prices extend choppy trade within the 1.1750 - 1.1800 range
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1900 | * | congestion | S1 | 1.1750 | congestion | ||
| R3 | 1.1850 | ** | congestion | S2 | 1.1700 | ** | congestion | |
| R2 | 1.1825 | ** | 61.8% ret of Jan-Mar fall | S3 | 1.1670 | ** | 23 Apr (w) low | |
| R1 | 1.1800 | ** | congestion | S4 | 1.1640 | ** | 23 Mar (w) high |
*Asterisk denotes strength of level
08:30 BST - Little change, as prices extend choppy trade within the 1.1750 - 1.1800 range. Intraday studies are under pressure, highlighting room for a break below congestion support at 1.1750. But mixed/positive daily and weekly charts should limit initial scope in renewed consolidation above further congestion around 1.1700. A close below stronger support at the 1.1670 weekly low of 23 April would add weight to sentiment and extend mid-April losses into the 1.1600 - 1.1640 range. Meanwhile, resistance is at congestion around 1.1800. However, a close above the 1.1825 Fibonacci retracement is needed to turn sentiment positive and extend March gains initially towards congestion around 1.1850.