FX October 14, 2022 / 07:37 am UTC

Chart EUR/USD Update: Balanced beneath 0.9800

By Mike Macdonald


R40.9900*break level
break level
S20.9645**76.4% ret of
1985-2008 rally
7 Oct high

13 Oct low
S40.9600**61.8% ret of
1985-2008 rally

Asterisk denotes strength of level

08:25 BST - The anticipated test of the 0.9645 Fibonacci retracement has given way to a sharp bounce to congestion around 0.9800, where mixed intraday studies are prompting fresh consolidation. Daily readings have turned mixed/positive, suggesting room for further gains in the coming sessions, but a close above 0.9800 is needed to turn price action cautiously positive and open up the 0.9875 break level and further congestion around 0.9900. Whilst prices remain below 0.9800, consolidation is highlighted with support down to 0.9700. This latter level, however, should underpin any immediate tests.

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