Published: 2024-10-22T07:32:41.000Z
Chart EUR/USD Update: Consolidating test of 1.0800/10 - background studies under pressure
Senior Technical Strategist
1
The anticipated test of support at 1.0800/10 is giving way to expected consolidation
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.1000 | ** | congestion | S1 | 1.0800/10 | * | congestion; 17 Oct (w) low | |
R3 | 1.0950 | break level | S2 | 1.0750 | ** | 76.4% ret of Aug-Sep rally | ||
R2 | 1.0900 | ** | break level | S3 | 1.0700 | * | congestion | |
R1 | 1.0870 | break level | S4 | 1.0700 | * | congestion |
Asterisk denotes strength of level
08:25 BST - The anticipated test of support at 1.0800/10 is giving way to expected consolidation, as both intraday and daily studies unwind oversold areas. A minor bounce is possible, but the bearish daily Tension Indicator and negative weekly charts are expected to limit scope in renewed selling interest beneath 1.0870. Following cautious trade, fresh losses are looked for. A later below 1.0800/10 will add weight to sentiment and extend September losses towards the 1.0750 Fibonacci retracement. Meanwhile, a close above further resistance at 1.0900, if seen, would turn sentiment cautiously positive and open up 1.0950.