Chart EUR/USD Update: Room for a test above 1.0695/00
Still little change, as mixed intraday studies keep near-term sentiment cautious
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.0850 | congestion | S1 | 1.0600/10 | ** | congestion; 76.4% ret of Oct-Dec rally | ||
R3 | 1.0800 | * | congestion | S2 | 1.0550 | * | congestion | |
R2 | 1.0750 | minor congestion | S3 | 1.0515~ | * | 1 Nov (m) low | ||
R1 | 1.0695/00 | ** | 14 Feb (m) low; congestion | S4 | 1.0500 | ** | congestion |
Asterisk denotes strength of level
08:30 BST - Still little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation beneath resistance at the 1.0695 monthly low of 14 February and congestion around 1.0600. Daily stochastics and the daily Tension Indicator continue to rise, highlighting room for a test of here. However, negative weekly charts are expected to limit any immediate break in fresh selling interest towards 1.0750. Following cautious trade, price action is expected to turn lower once again. However, a close below congestion at 1.0600 and the 1.0610 Fibonacci retracement is needed to turn price action negative and extend late-December losses towards 1.0550.