Published: 2024-04-30T07:42:40.000Z
Chart EUR/USD Update: Consolidating - background studies improving
Senior Technical Strategist
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No significant change, as prices extend cautious trade above 1.0700
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
08:30 BST - No significant change, as prices extend cautious trade above 1.0700. Intraday studies have ticked down, suggesting potential for a test beneath here. However, both daily stochastics and the daily Tension Indicator continue to rise, highlighting fresh buying interest towards further congestion around 1.0650. Meanwhile, resistance remains at 1.0750. Overbought daily stochastics are expected to limit any initial tests in consolidation, before improving weekly charts prompt a break and extend April gains towards 1.0800.