Chart EUR/USD Update: Leaning lower
Cautious trade has given way to a minor drift lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1340 | ** | 38.2% ret of Aug-Oct fall | S1 | 1.1200 | ** | break level | |
| R3 | 1.1325 | ** | 24 Jun (m) low | S2 | 1.1130 | ** | 50% ret of 2025-2026 rally | |
| R2 | 1.1300 | ** | congestion | S3 | 1.1100/15 | ** | figure; 14 Oct YTD low | |
| R1 | 1.1270/80 | ** | 16 Oct (w) high; break level | S4 | 1.1065 | ** | 12 May (m) low |
*Asterisk denotes strength of level
08:30 BST - Cautious trade has given way to a minor drift lower, with prices currently extending pressure on support at 1.1200. Intraday studies are under pressure and overbought daily stochastics are unwinding, highlighting room for a break beneath here. Focus will then turn to critical support at the 1.1115 current year low of 14 October and the 1.1130 Fibonacci retracement. But the positive daily Tension Indicator and flat oversold weekly stochastics could limit any initial tests in fresh consolidation, before the bearish weekly Tension Indicator and negative longer-term charts prompt a break.
Meanwhile, resistance remains at the 1.1270 weekly high of 16 October and the 1.1280 break level. A close above here, if seen, would turn sentiment positive and confirm continuation of mid-October gains towards the 1.1325 - 1.1340 range. Fresh profit-taking/consolidation should increase towards here.