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Published: 2023-12-11T09:16:49.000Z

Chart EUR/USD Update: Consolidating test of 1.0735/55 - studies leaning lower

byMike Macdonald

Senior Technical Strategist
-

 

 

 LevelsImpComment  LevelsImpComment
R41.0950 congestion S11.0755*6 Nov (w) high
 
R31.0900*congestion S21.0735**50% ret of
Oct-Nov rally
 
R21.0850 intraday pivot S31.0700
 
*congestion
R11.0800*congestion S41.0665**61.8% ret of
Oct-Nov rally
 

Asterisk denotes strength of level

 

09:10 GMT - The anticipated break below the 1.0755 weekly high of 6 November has bounced from just beneath further support at the 1.0735 Fibonacci retracement, as intraday studies turn higher and oversold daily stochastics flatten, with prices once again balanced above 1.0755. A minor test higher is possible, but the bearish daily Tension Indicator and mixed/negative weekly charts should prompt fresh selling interest towards congestion resistance at 1.0800. Following corrective trade, November losses are expected to continue. However, a close below 1.0735 is needed to turn sentiment negative and open up the 1.0665 retracement. Meanwhile, a close above 1.0800, if seen, would turn sentiment neutral and prompt renewed consolidation beneath 1.0850.

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Topics
EUR/USD-TA
DM-Technical
Technical Analysis

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