Chart EUR/USD Update: Higher in corrective trade
Consolidation above strong support at the 1.0610 Fibonacci retracement and congestion around 1.0600 is giving way to the anticipated test higher
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
08:25 BST - Consolidation above strong support at the 1.0610 Fibonacci retracement and congestion around 1.0600 is giving way to the anticipated test higher, with immediate focus on resistance at the 1.0695 monthly low of 14 February and congestion around 1.0700. Flattening overbought intraday studies could limit any initial tests in consolidation, before a tick higher in daily readings prompts a break and extends gains towards 1.0750. However, mixed weekly charts are expected to prompt fresh range trade around here. Meanwhile, support remains at 1.0600/10 and should underpin any immediate setbacks.