Chart EUR/USD Update: Room for lower
Anticipated selling interest has reached support at the 1.1680 Fibonacci retracement and congestion around 1.1700
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1848 | 18 Sep high | S1 | 1.1700 | * | congestion | ||
| R3 | 1.1815 | ** | 76.4% ret of Sep-Nov fall | S2 | 1.1680 | * | 38.2% ret of Nov-Dec rally | |
| R2 | 1.1800 | * | congestion | S3 | 1.1650 | * | congestion | |
| R1 | 1.1750 | * | congestion | S4 | 1.1640 | * | 50% ret of Nov-Dec rally |
*Asterisk denotes strength of level
08:25 GMT - Anticipated selling interest has reached support at the 1.1680 Fibonacci retracement and congestion around 1.1700, where oversold intraday studies are prompting short-term reactions. Daily readings continue to track lower, highlighting room for a break, extending late-December losses towards 1.1640/50. However, mixed/positive weekly charts are expected to limit any initial tests in renewed buying interest/consolidation. Meanwhile, resistance at congestion around 1.1750 should cap any immediate tests higher. A close above here, if seen, will help to stabilise price action and prompt fresh consolidation beneath strong resistance at 1.1800/15.