Chart EUR/USD Update: Further consolidation - studies under pressure
Little change, as prices extend cautious trade above strong support at the 1.0496 current year low of 14 November and congestion around 1.0500
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0800 | * | congestion | S1 | 1.0496/00 | ** | 14 Nov YTD low; cong | |
| 14 | 1.0700 | * | congestion | S2 | 1.0448 | ** | 3 Oct 2023 (y) low | |
| R2 | 1.0600/01 | ** | congestion; 16 Apr (m) low | S3 | 1.0393/00 | ** | December 2022 low; cong | |
| R1 | 1.0550 | * | congestion | S4 | 1.0385 | ** | 50% ret of 2022-2023 rally |
Asterisk denotes strength of level
08:30 GMT - Little change, as prices extend cautious trade above strong support at the 1.0496 current year low of 14 November and congestion around 1.0500. Rising intraday studies and flat oversold daily stochastics highlight room for a fresh test above congestion resistance at 1.0550. But the negative daily Tension Indicator and falling weekly charts are expected to limit scope in fresh selling interest towards 1.0600/01. A close above here, however, will improve sentiment and prompt consolidation beneath congestion around 1.0700. Following cautious trade, fresh losses are looked for. A break below 1.0496/00 will extend September losses towards the 1.0448 year low of 3 October 2023, where oversold weekly stochastics could prompt short-covering/consolidation.