Chart EUR/USD Update: Consolidating September losses
The anticipated continuation of September losses has met buying interest above congestion support at 1.0800
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.1050 | congestion | S1 | 1.0800/10 | * | congestion; 17 Oct low | ||
R3 | 1.1000 | ** | congestion | S2 | 1.0750 | ** | 76.4% ret of Aug-Sep rally | |
R2 | 1.0950 | break level | S3 | 1.0700 | * | congestion | ||
R1 | 1.0900 | ** | break level | S4 | 1.0700 | * | congestion |
Asterisk denotes strength of level
08:25 BST - The anticipated continuation of September losses has met buying interest above congestion support at 1.0800, as oversold intraday studies unwind, with prices currently trading around 1.0830. Oversold daily stochastics are also ticking higher, suggesting room for further short-covering in the coming sessions. However, the daily Tension Indicator remains under pressure and broader weekly charts are negative, highlighting fresh sellling interest towards resistance at 1.0900. Following corrective trade, renewed losses are looked for. However, a close below 1.0800 is needed to turn sentiment negative once again and open up the 1.0750 Fibonacci retracement. Meanwhile, a close back above 1.0900 would turn sentiment neutral and prompt consolidation beneath 1.0950.