Published: 2024-04-17T07:38:57.000Z
Chart EUR/USD Update: Balanced at 1.0600/10 - limited tests higher
Senior Technical Strategist
2
Little change, as late-December losses give way to consolidation
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 - Little change, as late-December losses give way to consolidation around strong support at the 1.0610 Fibonacci retracement and congestion around 1.0600. Intraday studies are rising and oversold daily stochastics are flattening, suggesting potential for a minor test higher. However, the negative daily Tension Indicator and bearish weekly charts should limit any immediate bounce in consolidation beneath 1.0695/00. Following corrective trade, fresh losses are looked for. However, a close below 1.0600/10 is needed to turn sentiment negative once again and extend late-December losses towards congestion around 1.0550.