Published: 2024-05-01T07:35:30.000Z
Chart EUR/USD Update: Leaning lower - strong support at 1.0600/10
Senior Technical Strategist
1
Consolidation has given way to the anticipated test lower to congestion support at 1.0650
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.0850 | congestion | S1 | 1.0650 | congestion | |||
R3 | 1.0800 | * | congestion | S2 | 1.0600/10 | ** | congestion; 76.4% ret of Oct-Dec rally | |
R2 | 1.0750 | minor congestion | S3 | 1.0550 | * | congestion | ||
R1 | 1.0700 | * | congestion | S4 | 1.0500 | * | congestion |
Asterisk denotes strength of level
08:25 BST - Consolidation has given way to the anticipated test lower to congestion support at 1.0650, where unwinding oversold intraday studies are prompting short-term reactions. Rising daily stochastics and the positive daily Tension Indicator are flattening, suggesting room for a further break beneath here. However, mixed/positive weekly charts are expected to limit further losses in fresh buying interest towards strong support at congestion around 1.0600 and the 1.0610 Fibonacci retracement. Meanwhile, resistance is lowered to congestion around 1.0700. A close above here would turn price action neutral once again and prompt range trade beneath 1.0750.