Published: 2024-10-04T07:46:10.000Z
Chart EUR/USD Update: Balanced above 1.0980/00 - studies under pressure
Senior Technical Strategist
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The anticipated test lower has met buying interest above strong support at the 1.0980 Fibonacci retracement and congestion around 1.1000
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
08:25 BST - The anticipated test lower has met buying interest above strong support at the 1.0980 Fibonacci retracement and congestion around 1.1000, as oversold intraday studies unwind, with prices currently balanced around 1.1030. Oversold daily stochastics are also flattening, suggesting potential for further range trade, before the negative daily Tension Indicator and deteriorating weekly charts prompt further losses. A close below 1.0980/00 would confirm completion of a multi-week distribution top beneath 1.1200~ and open up 1.0900/10. Meanwhile, a close back above congestion resistance at 1.1050, if seen, will turn sentiment neutral and give way to consolidation beneath 1.1100.