Published: 2024-10-17T07:37:04.000Z
Chart EUR/USD Update: Extending September losses
Senior Technical Strategist
1
Little change, as prices remain under pressure
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 - Little change, as prices remain under pressure and trade around the 1.0850~ low of 16 October. Oversold intraday studies suggest potential for short-term consolidation around here. But daily readings are under pressure and broader weekly charts continue to fall, highlighting continuation of September losses towards the 1.0835 Fibonacci retracement. Further losses will open up 1.0800. Meanwhile, resistance remains at 1.0900. A close back above here would stabilise price action and prompt fresh consolidation beneath 1.0950.