Chart EUR/USD Update: Room for lower
Little change, as mixed intraday studies and flat oversold daily stochastics keep near-term sentiment cautious
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1800 | * | congestion | S1 | 1.1542 | 9 Oct (w) low | ||
| R3 | 1.1700 | * | congestion | S2 | 1.1500 | ** | congestion | |
| R2 | 1.1648 | 9 Oct high | S3 | 1.1400 | ** | cong, Jul-Aug (m) lows | ||
| R1 | 1.1600 | ** | congestion | S4 | 1.1350 | * | congestion |
*Asterisk denotes strength of level
08:30 BST - Little change, as mixed intraday studies and flat oversold daily stochastics keep near-term sentiment cautious and extend consolidation above support at the 1.1542 weekly low of 9 October. The daily Tension Indicator continues to track lower, however, and broader weekly charts are bearish, highlighting room for fresh losses in the coming sessions. A break beneath here will add weight to sentiment and extend mid-September losses towards congestion around 1.1500. Further losses will open up critical support at 1.1400, where already oversold weekly stochastics could prompt short-covering/consolidation. Meanwhile, resistance is lowered to congestion around 1.1600. A close above here would help to stabilise price action and prompt consolidation beneath 1.1700.