Chart EUR/USD Update: Focus on the 1.1325 June low
Break of support at 1.1410 March low see prices extending losses from the August high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1550 | * | congestion | S1 | 1.1350 | * | congestion | |
| R3 | 1.1500 | ** | congestion | S2 | 1.1325 | ** | 24 Jun YTD low | |
| R2 | 1.1450 | * | congestion | S3 | 1.1300 | * | congestion | |
| R1 | 1.1410 | * | Mar low | S4 | 1.1275 | ** | Jul 2023 yr high |
Asterisk denotes strength of level
01:40 GMT - Break of support at 1.1410 March low see prices extending losses from the August high. Intraday and daily studies are stretched but pressure remains firmly on the downside and nearby see scope to the 1.1350 congestion then the July current year low at 1.1325. Would expect reaction here but a later break cannot be ruled out. Lower will further extend losses from the January high and see room to 1.1300 and 1.1275 support. Meanwhile, resistance at the 1.1410 March low and extending to 1.1450 congestion is expected to cap. Only above here will ease the downside pressure and see room for stronger bounce to retrace losses from August high.