Chart EUR/USD Update: Weighing on the 1.0812/00 support
![](https://assets.continuumeconomics.com/storage/author/654a65d2971d4.jpg)
Lower to extend consolidation below the 1.0900 level as prices unwind the overbought daily studies to reach support at the 1.0812/00 congestion
![](https://assets.continuumeconomics.com/storage/uploads/664fe859e59fc.png)
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.0980 | * | 8 Mar high | S1 | 1.0812/00 | * | 3 May high, congestion | |
R3 | 1.0935/43 | * | 61.8%, 21 Mar high | S2 | 1.0750 | * | congestion, 50% | |
R2 | 1.0900 | * | congestion | S3 | 1.0724 | * | Dec, 9 May low | |
R1 | 1.0860 | 23 May high | S4 | 1.0710/00 | * | 61.8%, Feb low |
Asterisk denotes strength of level
01:25 GMT - Lower to extend consolidation below the 1.0900 level as prices unwind the overbought daily studies to reach support at the 1.0812/00 congestion. Negative daily studies suggest risk for break here to further retrace the April/May rally to the 1.0750 congestion and 50% Fibonacci level. Higher low sought to pressure the upside later with resistance lowered to the 1.0850/60 area ahead of the 1.0900 level. Break here will extend the broader gains from the April YTD low at 1.0600 and see scope for extension to the 1.0935/43 area. Beyond this will see room for retest of the March high at 1.0980 and the 1.1000 level.