Chart EUR/USD Update: Back in range
The test of congestion support at 1.0650 has given way to a break back above 1.0700
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
08:30 BST - The test of congestion support at 1.0650 has given way to a break back above 1.0700, as intraday studies turn higher, with prices currently trading around 1.0725. Immediate focus is on resistance at 1.0750, but flattening overbought daily stochastics are expected to limit any initial tests in further range extension. The daily Tension Indicator is rising, and oversold weekly stochastics are unwinding, suggesting a developing bullish tone. However, a close above here is needed to turn sentiment outright positive and open up 1.0800. Meanwhile, any fresh tests below 1.0700 should meet buying interest towards 1.0650.