Chart EUR/USD Update: Consolidating
Recent gains have been pushed back from congestion resistance at 1.1700
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1815 | ** | 76.4% ret of Sep-Nov fall | S1 | 1.1650 | * | congestion | |
| R3 | 1.1800 | * | congestion | S2 | 1.1618 | 9 Jan (w) low | ||
| R2 | 1.1750 | * | congestion | S3 | 1.1600 | ** | congestion, 61.8% ret | |
| R1 | 1.1700 | * | congestion | S4 | 1.1550 | ** | 76.4% ret of Nov-Dec rally |
*Asterisk denotes strength of level
08:30 GMT - Recent gains have been pushed back from congestion resistance at 1.1700, with prices currently balanced above congestion support at 1.1650. Daily readings are mixed/negative and broader weekly charts are bearish, highlighting room for fresh losses in the coming sessions. A break below 1.1650 will open up strong support within the 1.1600/18 range. A close beneath here would add weight to sentiment and extend late-December losses towards the 1.1550 Fibonacci retracement. Meanwhile, a close above 1.1700, if seen, will improve sentiment and put focus on further congestion around 1.1750, where negative studies could prompt renewed selling interest.