Chart EUR/USD Update: Under pressure
Cautious trade is giving way to the anticipated break below 1.1150
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.1300 | * | congestion | S1 | 1.1100 | * | congestion | |
R3 | 1.1275 | ** | 61.8% ret of 2021-2022 fall, Jul 2023 (y) high | S2 | 1.1050 | congestion | ||
R2 | 1.1200/15 | ** | break level, 25 Sep YTD high | S3 | 1.1000 | ** | congestion | |
R1 | 1.1150 | intraday break level | S4 | 1.0900 | * | break level |
Asterisk denotes strength of level
08:30 BST - Cautious trade is giving way to the anticipated break below 1.1150, as intraday studies remain under pressure, Daily readings remain bearish and broader weekly charts are coming under pressure, highlighting a deterioration in sentiment and room for further losses in the coming sessions. A break below 1.1100 will add weight to sentiment and extend losses towards further congestion around 1.1050. However, a further close below stronger support at 1.1000 would confirm a distribution top in place beneath 1.1200/15 and signal a deeper correction. Meanwhile, resistance is lowered to 1.1150. A close back above here would turn sentiment neutral once again and give way to consolidation beneath strong resistance at 1.1200/15.