Published: 2025-02-21T08:47:04.000Z
Chart EUR/USD Update: Pressuring resistance at 1.0500/33
Senior Technical Strategist
1
Cautious trade has given way to further gains
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0600 | ** | break level | S1 | 1.0450 | congestion | ||
| 14 | 1.0570 | ** | 38.2% ret of Sep-Jan fall | S2 | 1.0400 | ** | congestion | |
| R2 | 1.0533 | ** | 27 Jan YTD high | S3 | 1.0350 | * | break level | |
| R1 | 1.0500 | * | break level | S4 | 1.0300 | congestion |
Asterisk denotes strength of level
08:35 GMT - Cautious trade has given way to further gains, with prices currently balanced beneath resistance at 1.0500. Overbought intraday studies are unwinding, suggesting further sideways trade, before improving daily readings and positive weekly charts prompt further gains. A close above the 1.0533 current year high of 27 January will turn sentiment positive and extend January gains initially to the 1.0570 Fibonacci retracement. Meanwhile, support is raised to congestion around 1.0450. A break beneath here, if seen, will open up further congestiona round 1.0400, where renewed buying interest is expected to appear.