Chart EUR/USD Update: Reached 1.1640/50 - studies under pressure
Anticipated losses have reached 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 - Anticipated losses have reached support at congestion around 1.1650 and the 1.1640 retracement. However, daily stochastics and the daily Tension Indicator contine to track lower and broader weekly charts are coming under pressure, highlighting room for further losses. A break will add weight to already bearish price action and extend December losses towards stronger support at 1.1600. However, already oversold daily stochastics 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.