Chartbook: Chart EUR/USD: Room for lower into the coming weeks

The anticipated break above critical resistance at the 1.1275 year high of July 2023 has not been seen,

as steady selling interest adds weight to price action and prompts a steady multi-month fall towards critical support at the 1.0450 year low of October 2023.

Monthly studies are under pressure, highlighting room for further losses into 2025Q1. However, a close below 1.0450 is needed to add weight to sentiment and extend July 2023 losses towards the 1.0200 Fibonacci retracement. and Fibonacci retracement.

Still lower is psychological support at 1.0000. But rising long-term readings are expected to limit any tests of this broad 1.0000 - 1.0200 area in short-covering/consolidation.

Meanwhile, resistance is lowered to congestion around 1.0700.

A close above here, if seen, would help to stabilise price action and prompt fresh consolidation beneath further congestion around 1.1000, extending the broader consolidation pattern from July 2023.

But a further close above 1.1275 is needed to turn sentiment outright positive and confirm continuation of gains from the 0.9535 multi-year low of September 2022.