Published: 2024-10-21T07:47:13.000Z
Chart EUR/USD Update: Extending consolidation
Senior Technical Strategist
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Little change, as prices extend cautious trade around 1.0850
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.1050 | congestion | S1 | 1.0800/10 | * | congestion; 17 Oct (w) 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
08:30 BST - Little change, as prices extend cautious trade around 1.0850. Overbought intraday studies are unwinding, highlighting room for a minor drift lower towards support at 1.0800/10. But rising daily readings are expected to limit any initial tests in further consolidation, before negative weekly charts prompt a break. A later close beneath here will add weight to sentiment and extend September losses towards the 1.0750 Fibonacci retracement. Meanwhile, resistance remains at 1.0900. A close above here, if seen, would turn sentiment cautiously positive and open up 1.0950.