Published: 2024-12-02T01:19:30.000Z
Chart EUR/USD Update: Consolidating test of 1.0600/10 resistance, higher later
Technical Analyst
3
Settling back in consolidation from test 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 | * | 26 Nov low | |
| R1 | 1.0600/10 | ** | Apr low, congestion | S4 | 1.0331 | ** | 22 Nov YTD low |
Asterisk denotes strength of level
01:15 GMT - Settling back in consolidation from test of the 1.0600/10 resistance as prices unwind overbought intraday studies. However, daily and weekly studies remains positive and suggest consolidation expected to give way to break higher to extend bounce from the 1.0331 low. Clearance will confirm a bottom pattern at the latter and see room for stronger gains to retrace losses from the September high. Meanwhile, support is at the 1.0500 level and this extend to the 1.0448/25 area which is expected to underpin and sustain gains from the 1.0331 low.