Chart EUR/USD Update: Extending choppy trade
Sharp gains have been pushed back from resistance at 1.1200
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.1400 | * | 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 | 1.1200/15 | ** | break level, 25 Sep YTD high | S4 | 1.1000 | ** | congestion |
Asterisk denotes strength of level
08:20 BST - Sharp gains have been pushed back from resistance at 1.1200, with prices once again balanced in cautious trade above support at 1.1150. Intraday studies are mixed/negative, suggesting potential for a test beneath here. But mixed daily and weekly charts highlight a broadly cautious trade, and room for fresh consolidation above congestion support at 1.1100. A close beneath here, however, would add weight to sentiment and prompt a deeper pullback towards 1.1050, where fresh buying interest in looked for. Meanwhile, critical resistance remains at 1.1200 and extends to the 1.1215 current year high of 25 September. A close above here would turn sentiment positive and confirm continuation of October 2023 gains towards critical multi-month resistance at the 1.1275 Fibonacci retracement and year high of July 2023.