Chart EUR/USD Update: Extending losses
Prices remains under pressure and break of the 1.0850/35 congestion and Fibonacci level see scope to target the 1.0800 level
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.1000 | ** | Sep low | S1 | 1.0800 | * | congestion | |
R3 | 1.0950 | * | Jul high | S2 | 1.0778 | * | Aug low | |
R2 | 1.0900 | * | congestion | S3 | 1.0750 | ** | Oct 2023 trendline | |
R1 | 1.0853 | * | 16 Oct low | S4 | 1.0700 | * | congestion |
Asterisk denotes strength of level
01:25 GMT - Prices remains under pressure and break of the 1.0850/35 congestion and Fibonacci level see scope to target the 1.0800 level. Consolidation at the latter can be expected to unwind oversold intraday studies but bearish momentum keeps pressure firmly on the downside. Lower will see scope for test of the 1.0778 low of August then the trendline from the October 2023 low at 1.0750. Meanwhile, resistance is lowered to the 1.0853 mid-week low then the 1.0900 congestion. Would need to regain these to ease the downside pressure and open up stronger bounce to the 1.0950/55 area then the 1.1000, September low.