Chart EUR/USD Update: Pressuring 1.1750/70 - studies are falling
The anticipated test of support within congestion around 1.1750 and the 1.1770 Fibonacci retracement is giving way to consolidation
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1950 | break level | S1 | 1.1770 | ** | 61.8% ret of January rally | ||
| R3 | 1.1900 | * | congestion | S2 | 1.1750 | ** | congestion | |
| R2 | 1.1850 | * | break level | S3 | 1.1695/00 | ** | 76.4% ret; congestion | |
| R1 | 1.1800 | * | congestion | S4 | 1.1650 | * | congestion |
*Asterisk denotes strength of level
08:35 GMT - The anticipated test of support within congestion around 1.1750 and the 1.1770 Fibonacci retracement is giving way to consolidation, as oversold intraday studies flatten. Daily readings continue to track lower and broader weekly charts are deteriorating, highlighting room for still further losses in the coming sessions. A break beneath 1.1750/70 will add weight to sentiment and extend January losses towards strong support at the 1.1695 retracement and congestion around 1.1700. Oversold daily stochastics could limit any initial tests in short-covering/consolidation. Meanwhile, resistance remains at congestion around 1.1800. A close above here, if seen, would help to stabilise price action and prompt consolidation beneath 1.1850.