FX October 14, 2022 / 07:37 am UTC

Chart EUR/USD Update: Balanced beneath 0.9800

By Mike Macdonald




LevelsImpComment

LevelsImpComment
R40.9900*break level
S10.9700
congestion
R30.9875
break level
S20.9645**76.4% ret of
1985-2008 rally
R20.9817
7 Oct high
S30.9631

13 Oct low
R10.9800*congestion
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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