Published: 2024-10-03T07:39:27.000Z
Chart EUR/USD Update: Approaching strong support at 1.0980/00
Senior Technical Strategist
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Consolidation around 1.1050 has given way to the anticipated break
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.1200/15 | ** | break level, 25 Sep YTD high | S1 | 1.1000 | ** | congestion | |
R3 | 1.1150 | break level | S2 | 1.0980 | ** | 38.2% ret of Aug-Sep rally | ||
R2 | 1.1100 | * | congestion | S3 | 1.0900/10 | ** | break level; 50% ret of Aug-Sep rally | |
R1 | 1.1050 | congestion | S4 | 1.0880~ | ** | 8 Aug (w) low |
Asterisk denotes strength of level
08:30 BST - Consolidation around 1.1050 has given way to the anticipated break, as intraday studies continue to track lower, with prices currently trading around 1.1030. Daily readings are bearish and broader weekly charts are coming under pressure, highlighting room for a test of strong support at the 1.0980 Fibonacci retracement and congestion around 1.1000. A further close beneath here will confirm completion of a distribution top and open up 1.0900/10. Meanwhile, a close back above 1.11050, if seen, will turn sentiment neutral and give way to consolidation beneath 1.1100.