Chart EUR/USD Update: Extending September losses
The anticipated break below the 1.1542 weekly low of 9 October is extending
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1728 | 17 Oct (w) high | S1 | 1.1500 | ** | congestion | ||
| R3 | 1.1700 | * | congestion | S2 | 1.1400 | ** | cong, Jul-Aug (m) lows | |
| R2 | 1.1600 | * | congestion | S3 | 1.1350 | * | congestion | |
| R1 | 1.1542 | ** | 9 Oct (w) low | S4 | 1.1250 | ** | 38.2% ret of Jan-Sep rally |
*Asterisk denotes strength of level
08:30 GMT - The anticipated break below the 1.1542 weekly low of 9 October is extending, as intraday studies remain under pressure, with focus turning to congestion support at 1.1500. Daily readings are also under pressure and broader weekly charts are negative, highlighting a bearish tone and room for still deeper losses in the coming sessions. A close below 1.1500 will add weight to sentiment and extend September losses towards stronger support at 1.1400. A further close beneath here will complete a multi-month distribution top beneath 1.1900 and put focus on the 1.1250 Fibonacci retracement. Meanwhile, a close back above 1.1542 would help to stabilise price action and prompt consolidation beneath congestion resistance at 1.1600.