Published: 2024-10-16T07:35:19.000Z
Chart EUR/USD Update: Under pressure
Senior Technical Strategist
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Cautious trade is giving way to anticipated losses
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.1050 | congestion | S1 | 1.0835 | ** | 61.8% ret of Aug-Sep rally | ||
R3 | 1.1000 | ** | congestion | S2 | 1.0800 | * | congestion | |
R2 | 1.0950 | break level | S3 | 1.0750 | ** | 76.4% ret of Aug-Sep rally | ||
R1 | 1.0900 | ** | break level | S4 | 1.0700 | * | congestion |
Asterisk denotes strength of level
08:25 BST - Cautious trade is giving way to anticipated losses, with the break below 1.0900 currently trading around 1.0880. Intraday studies are mixed/negative and daily readings are under pressure, highlighting room for further losses in the coming sessions. Focus is turning to the 1.0835 Fibonacci retracement. But already oversold daily stochastics could limit any initial tests in consolidation, before bearish weekly charts prompt a break and open up congestion around 1.0800. Meanwhile, a close back above 1.0900 would stabilise price action and prompt fresh consolidation beneath 1.0950.