Chart EUR/USD Update: Consolidating - room for a test above 1.0750
Little change, as choppy trade gives way to fresh consolidation beneath resistance at 1.0750
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.0885 | * | 9 Apr (w) high | S1 | 1.0700 | * | congestion | |
R3 | 1.0850 | congestion | S2 | 1.0650 | congestion | |||
R2 | 1.0800 | * | congestion | S3 | 1.0600/10 | ** | congestion; 76.4% ret of Oct-Dec rally | |
R1 | 1.0750 | minor congestion | S4 | 1.0550 | * | congestion |
Asterisk denotes strength of level
08:25 BST - Little change, as choppy trade gives way to fresh consolidation beneath resistance at 1.0750. Daily stochastics and the daily Tension Indicator continue to rise, highlighting room for continuation beyond here. However, negative weekly charts are expected to limit any further break in selling interest/consolidation beneath 1.0800. Meanwhile, support remains at congestion around 1.0700. A close beneath here, if seen, will turn price action neutral once again and prompt fresh consolidation above 1.0650. A further 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.