Chart EUR/USD Update: Under pressure
Cautious trade around 1.1650 is drifting lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1820 | * | 23 Sep (w) high | S1 | 1.1600 | * | congestion | |
| R3 | 1.1800 | * | congestion | S2 | 1.1542 | ** | 9 Oct (w) low | |
| R2 | 1.1728 | 17 Oct (w) high | S3 | 1.1500 | ** | congestion | ||
| R1 | 1.1700 | * | congestion | S4 | 1.1400 | ** | cong, Jul-Aug (m) lows |
*Asterisk denotes strength of level
08:30 BST - Cautious trade around 1.1650 is drifting lower, with prices currently trading around 1.1630. Intraday studies are bearish and positive daily readings are flattening, suggesting room for a test of congestion support at 1.1600. A break will open up stronger support at the 1.1542 weekly low of 9 October. Continuation beneath here, if seen, will turn sentiment negative and extend mid-September losses initially to congestion around 1.1500. Meanwhile, resistance is at congestion around 1.1700 and extends to the 1.1728 weekly high of 17 October. A close above here is needed, not yet seen, to improve sentiment and extend October gains towards congestion around 1.1800.