Chart EUR/USD Update: Room for lower
Anticipated losses have tested below the 1.1670 weekly low of 23 April
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1825 | ** | 61.8% ret of Jan-Mar fall | S1 | 1.1670 | ** | 23 Apr (w) low | |
| R3 | 1.1800 | ** | congestion | S2 | 1.1640 | ** | 23 Mar (w) high | |
| R2 | 1.1760 | break level | S3 | 1.1600 | ** | congestion | ||
| R1 | 1.1700 | ** | congestion | S4 | 1.1550 | * | congestion |
*Asterisk denotes strength of level
08:35 BST - Anticipated losses have tested below the 1.1670 weekly low of 23 April, with prices reaching 1.1655 before bouncing back above 1.1670. Daily readings continue to track lower, however, highlighting room for further losses in the coming sessions. A close below 1.670 will add weight to sentiment and extend mid-April losses towards the 1.1640 weekly high of 23 March. Rising weekly charts, however, could limit any initial tests beneath here in renewed consolidation above congestion support at 1.1600. Meanwhile, resistance is lowered to congestion around 1.1700. A close back above here would help to stabilise price action and prompt consolidation beneath 1.1760.