Weekly Chart EUR/USD Update: Fresh year lows - studies under pressure

Anticipated consolidation above the 1.1130 Fibonacci retracement and the 1.1115~ monthly low of 14 October ahs given way to anticipated losses,

with prices currently trading at fresh year lows around 1.1085.

Weekly stochastics and the weekly Tension Indicator have turned down once again and longer-term charts are also bearish, highlighting room for continuation of January losses towards the 1.1065 weekly low of mid-May 2025. A turn-around in broad USD-sentiment suggests room for still deeper losses, with a close beneath here adding weight to sentiment and opening up congestion around 1.1000. Already oversold weekly stochastics, however, should limit any immediate tests beneath here in short-covering/consolidation above the 1.0900 Fibonacci retracement.

Meanwhile, resistance is lowered to congestion around 1.1200.

Bearish daily readings should limit any immediate corrective bounce in renewed selling interest beneath here. A close above 1.1200, however, will help to stabilise price action and prompt fresh range extension beneath further congestion around 1.1250. An unexpected to close above the 1.1285 high of 2 October would improve price action and open up congestion around 1.1350.