Published: 2024-10-04T13:56:10.000Z
Chart EUR/USD Update: Room for lower in the coming sessions
Senior Technical Strategist
1
Anticipated losses have broken below the 1.0980 Fibonacci retracement to reach 1.0960
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.1150 | break level | S1 | 1.0980 | ** | 38.2% ret of Aug-Sep rally | ||
R3 | 1.1100 | * | congestion | S2 | 1.0960~ | intraday low | ||
R2 | 1.1050 | congestion | S3 | 1.0900/10 | ** | break level; 50% ret of Aug-Sep rally | ||
R1 | 1.1000 | ** | congestion | S4 | 1.0880~ | ** | 8 Aug (w) low |
Asterisk denotes strength of level
14:40 BST - Anticipated losses have broken below the 1.0980 Fibonacci retracement to reach 1.0960, where oversold intraday studies are prompting short-term reactions. Daily readings have turned negative, however, and broader weekly charts are under pressure, highlighting room for further losses in the coming sessions. A close below 1.0980 will add weight to sentiment and extend September losses towards strong support at 1.0900 and the 1.0910 retracement. Already oversold daily stochastics should limit any initial tests in consolidation. Meanwhile, a close back above congestion resistance at 1.1000 would turn price action neutral and prompt consolidation beneath further congestion around 1.1050.