Published: 2024-12-20T08:39:27.000Z
Chart EUR/USD Update: Any gains to remain limited - studies under pressure
Senior Technical Strategist
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Little change, as rising intraday studies keep near-term sentiment cautious
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0550 | * | congestion | S1 | 1.0343 | 18 Dec low | ||
| 14 | 1.0500 | * | congestion | S2 | 1.0331 | ** | 22 Nov YTD low | |
| R2 | 1.0460 | * | 2 Dec (w) low | S3 | 1.0290 | ** | late-Nov 22 (w) low | |
| R1 | 1.0400 | ** | congestion | S4 | 1.0200 | ** | 61.8% ret of 2022-2023 rally |
Asterisk denotes strength of level
08:30 GMT - Little change, as rising intraday studies keep near-term sentiment cautious and extend (choppy) trade above strong support at the 1.0331 current year low of 22 November and the 1.0343 low of 18 December. The anticipated test of congestion resistance at 1.0400 has been seen, but negative daily readings and deteriorating weekly charts suggest any immediate break could meet renewed selling interest towards resistance within the 1.0460-1.0500 area. Following cautious trade, fresh losses are looked for. A later close below 1.0331 will add weight to sentiment and extend July 2023 losses initially to 1.0290.