Published: 2024-09-25T07:53:59.000Z
Chart EUR/USD Update: Pressuring 2024 year highs - limited scope into any initial break
Senior Technical Strategist
2
Cautious trade has given way to fresh gains
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.1300 | * | congestion | S1 | 1.1150 | intraday break level | ||
R3 | 1.1300 | * | congestion | S2 | 1.1100 | * | congestion | |
R2 | 1.1275 | ** | 61.8% ret of 2021-2022 fall, Jul 2023 (y) high | S3 | 1.1050 | congestion | ||
R1 | 1.1200 | ** | break level, 23-24 Aug YTD high | S4 | 1.0990/00 | ** | 50% ret of August rally; congestion |
Asterisk denotes strength of level
08:35 BST - Cautious trade has given way to fresh gains, as intraday studies continue to rise, with prices currently pressuring strong resistance at 1.1200. The rising daily Tension Indicator suggests potential for a test above here. But unwinding overbought daily stochastics and mixed weekly charts are expected to limit scope in profit-taking/consolidation towards critical multi-month resistance at the 1.1275 Fibonacci retracement and year high of July 2023. In the coming sessions, a minor pullback towards support at 1.1150 is possible, But any further break beneath here should be limited in renewed buying interest towards congestion around 1.1100.