Chart EUR/USD Update: Balanced above year low - studies under pressure
Consolidation has given way to a bounce
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1300 | ** | congestion | S1 | 1.1130 | ** | 50% ret of 2025-2026 rally | |
| R3 | 1.1270/80 | ** | 16 Oct (w) high; break level | S2 | 1.1113/15 | ** | 14-28 Oct YTD low | |
| R2 | 1.1250 | congestion tops | S3 | 1.1065 | ** | 12 May (m) low | ||
| R1 | 1.1200 | ** | break level | S4 | 1.1000 | ** | congestion |
*Asterisk denotes strength of level
08:30 GMT - Consolidation has given way to a bounce, with prices settling into fresh consolidation beneath 1.1150 as overbought intraday studies flatten. Bearish daily stochastics are flattening, suggesting potential for further consolidation into the coming sessions, before the negative daily Tension Indicator and falling weekly charts prompt fresh losses. Support remains at the 1.1113/15 current year lows from 14-28 October and the 1.1130 Fibonacci retracement. A later close beneath here will add weight to price action and extend January losses, initially to the 1.1065 monthly low of 12 May.
Meanwhile, resistance remains at the 1.1200 break level. A close above here, if seen, would help to stabilise price action and prompt range extension beneath 1.1250.