Chart EUR/USD Update: Room for lower
Anticipated losses have extended to the 1.1640 weekly high of 23 March
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1800 | ** | congestion | S1 | 1.1640 | ** | 23 Mar (w) high | |
| R3 | 1.1750 | congestion | S2 | 1.1600 | ** | congestion | ||
| R2 | 1.1700 | ** | congestion | S3 | 1.1550 | * | congestion | |
| R1 | 1.1670 | ** | 23 Apr (w) low | S4 | 1.1500 | ** | congestion |
*Asterisk denotes strength of level
08:30 BST - Anticipated losses have extended to the 1.1640 weekly high of 23 March, where flat oversold intraday studies are prompting short-term reactions. Daily readings continue track lower and weekly stochastics are turning down, highlighting room for further losses in the coming sessions. A break below 1.1640 will open up congestion around 1.1600. However, already oversold daily stochastics should limit any immediate continuation beneath here in short-covering/consolidation above 1.1550. Meanwhile, resistance is lowered to the 1.1670 weekly low of 23 April and extends to congestion around 1.1700. A close above here, if seen, would help to stabilise price action and prompt consolidation beneath 1.1750.