Published: 2024-11-06T12:35:02.000Z
Chart EUR/USD Update: Focus on 1.0666
Senior Technical Strategist
1
Choppy trade has given way to further losses
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0900 | ** | break level | S1 | 1.0700 | * | congestion | |
| R3 | 1.0870 | break level | S2 | 1.0666 | ** | 26 Jun (m) low | ||
| R2 | 1.0800 | * | congestion | S3 | 1.0600/01 | ** | congestion; 16 Apr YTD low | |
| R1 | 1.0761 | * | 23 Oct (m) low | S4 | 1.0500 | ** | congestion |
Asterisk denotes strength of level
12:25 GMT - Choppy trade has given way to further losses, with prices currently pressuring congestion support at 1.0700. Intraday studies are under pressure and daily readings continue to track lower, highlighting room for a break and continued selling interest towards the 1.0666 monthly low of 26 June. However, oversold intraday studies could limit any immediate tests in consolidation, before a break extends September losses towards 1.0500. Meanwhile, resistance is lowered to the 1.0761 monthly low of 23 October. A close above here would help to stabilise price action and prompt consolidation around congestion resistance at 1.0800.