Chart EUR/USD Update: Fresh year lows
Cautious trade above 1.1500 has given way to a sharp break lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1600 | ** | congestion | S1 | 1.1400 | * | congestion | |
| R3 | 1.1550 | * | congestion | S2 | 1.1355 | ** | 38.2% ret of 2025-2026 rally | |
| R2 | 1.1500 | ** | congestion | S3 | 1.1300 | * | congestion | |
| R1 | 1.1470~ | ** | 5 Nov (m) low | S4 | 1.1200 | * | break level |
*Asterisk denotes strength of level
08:30 GMT - Cautious trade above 1.1500 has given way to a sharp break lower, with prices trading at fresh 2026 year lows. Daily readings have turned down and broader weekly charts are under pressure, highlighting room for further losses in the coming sessions. A break below congestion support at 1.1400 will open up the 1.1335 multi-month Fibonacci retracement. But already oversold daily stochastics could limit any initial tests in short-covering/consolidation, before late-January losses extend still further. Meanwhile, resistance is lowered to the 1.1470~ monthly low of 5 November and extends to congestion around 1.1500. A close above this range, if seen, would help to stabilise price action and prompt consolidation beneath further congestion around 1.1550.