Chart EUR/USD Update: Room for lower in the coming sessions
The anticipated test of 1.1150 has met strong selling interest around 1.1155
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1275 | ** | 61.8% ret of 2021-2022 fall, July 2023 (y) high | S1 | 1.1040 | * | 38.2% ret of August rally | |
| R3 | 1.1200 | * | break level, 23-24 Aug YTD high | S2 | 1.0990/00 | ** | 50% ret of August rally; congestion | |
| R2 | 1.1150/55 | intraday break level; 6 Sep (w) high | S3 | 1.0940/50 | ** | 61.8% ret of August rally; break level | ||
| R1 | 1.1100 | * | congestion | S4 | 1.0900 | * | congestion |
Asterisk denotes strength of level
08:25 BST - The anticipated test of 1.1150 has met strong selling interest around 1.1155, with steady losses breaking below 1.1150 to currently trade around 1.1050. Intraday studies are negative and daily readings are also under pressure, highlighting room for further losses in the coming sessions. A close below the 1.1040 Fibonacci retracement will add weight to sentiment and extend late-August losses towards 1.0990/00. Already oversold daily stochastics could limit any initial tests in consolidation, before deteriorating weekly charts prompt further losses. Meanwhile, an unexpected break back above 1.1100 should meet renewed selling interest beneath 1.1150~.