Published: 2024-05-03T07:42:32.000Z
Chart EUR/USD Update: Consolidating - daily studies improving
Senior Technical Strategist
1
Little change, as overbought intraday studies keep near-term sentiment cautious
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.0885/00 | * | 9 Apr (m) high; congestion | 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 | * | break level | S4 | 1.0550 | * | congestion |
Asterisk denotes strength of level
08:35 BST - Little change, as overbought intraday studies keep near-term sentiment cautious and extend trade within the 1.0700 - 1.0750 area. Daily readings continue rise and oversold weekly stochastics are unwinding, suggesting a developing bullish tone. However, a close above 1.0750 is needed to turn sentiment outright positive and extend mid-April gains towards congestion around 1.0800. Already overbought daily stochastics should limit any further strength in profit-taking beneath 1.0900. Meanwhile, a close below congestion support at 1.0700 would open up further congestion around 1.0650, where fresh consolidation is highlighted.