Published: 2024-12-06T01:25:01.000Z
Chart EUR/USD Update: Poised for retest of 1.0600/10 resistance
Technical Analyst
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Extending bounce from the 1.0460 low and above the 1.0500 level see prices poised for retest of the 1.0600/10 resistance
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0761/75 | * | Oct low, 50% | S1 | 1.0500 | * | congestion | |
| R3 | 1.0700 | * | Feb low | S2 | 1.0448 | * | 2023 year low | |
| R2 | 1.0665/70 | * | Jun low, 38.2% | S3 | 1.0425/00 | * | 26 Nov low, figure | |
| R1 | 1.0600/10 | ** | Apr low, congestion | S4 | 1.0331 | ** | 22 Nov YTD low |
Asterisk denotes strength of level
01:15 GMT - Extending bounce from the 1.0460 low and above the 1.0500 level see prices poised for retest of the 1.0600/10 resistance. Daily studies have turned up from oversold areas and suggest scope for break here to confirm a bottom in place at the 1.0331 November low and see room for stronger gains to retrace losses from the September high. Higher will see room to the 1.0665/70 resistance and 38.2% Fibonacci retracement and the 1.0700 level. Meanwhile, support is raised to the 1.0500 level which should now underpin and sustain gains from the November YTD low.