Published: 2024-10-14T07:44:40.000Z
Chart EUR/USD Update: Consolidating test of 1.0900/10 - background negative
Senior Technical Strategist
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Little change, as mixed intraday studies and oversold daily stochastics keep near-term sentiment cautious
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.1100 | * | congestion | S1 | 1.0900/10 | ** | break level; 50% ret of Aug-Sep rally | |
R3 | 1.1050 | congestion | S2 | 1.0880~ | ** | 8 Aug (w) low | ||
R2 | 1.1000 | ** | congestion | S3 | 1.0835 | ** | 61.8% ret of Aug-Sep rally | |
R1 | 1.0950 | break level | S4 | 1.0800 | * | congestion |
Asterisk denotes strength of level
08:30 BST - Little change, as mixed intraday studies and oversold daily stochastics keep near-term sentiment cautious and extend consolidation following the test of strong support at 1.0900/10. The daily Tension Indicator continues to point lower and broader weekly charts are negative, highlighting potential for further weakness in the coming sessions. A close below 1.0900/10 will add weight to sentiment and extend September losses towards the 1.0835 Fibonacci retracement. Already oversold daily stochastics could prompt fresh consolidation around here. Meanwhile, resistance is lowered to 1.0950. A close above here, if seen, would turn sentiment neutral and prompt consolidation beneath congestion resistance at 1.1000.