Chart EUR/USD Update: Focus remains on 1.1640/50
Little change as prices continue to drift lower towards support at congestion around 1.1650 and the 1.1640 retracement
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1815 | ** | 76.4% ret of Sep-Nov fall | S1 | 1.1650 | * | congestion | |
| R3 | 1.1800 | * | congestion | S2 | 1.1640 | ** | 50% ret of Nov-Dec rally | |
| R2 | 1.1750 | * | congestion | S3 | 1.1600 | ** | congestion, 61.8% ret | |
| R1 | 1.1700 | * | congestion | S4 | 1.1550 | ** | 76.4% ret of Nov-Dec rally |
*Asterisk denotes strength of level
08:30 GMT - Little change as prices continue to drift lower towards support at congestion around 1.1650 and the 1.1640 retracement. Oversold intraday studies could limit any initial tests in consolidation, before negative daily readings extend December losses towards stronger support at 1.1600. However, already oversold daily stochastics and mixed weekly charts are expected to limit any initial tests in consolidation. Meanwhile, resistance remains at congestion around 1.1700. A close above here, if seen, would help to stabilise price action and prompt consolidation beneath further congestion around 1.1750.