Chart EUR/USD Update: Room for lower
Little change, as prices extend cautious/choppy trade above support at the 1.1578 low from 28-31 August
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1725 | ** | 76.4% ret of Apr-Jun fall | S1 | 1.1578 | * | 28-31 Aug low | |
| R3 | 1.1700 | * | congestion | S2 | 1.1550 | * | congestion | |
| R2 | 1.1650 | recent range lows | S3 | 1.1500 | * | congestion | ||
| R1 | 1.1600 | * | congestion | S4 | 1.1450 | * | break level |
*Asterisk denotes strength of level
08:45 BST - Little change, as prices extend cautious/choppy trade above support at the 1.1578 low from 28-31 August. Intraday studies continue to track lower and daily readings are also under pressure, highlighting room for still deeper losses in the coming sessions. A close beneath here will add weight to sentiment and extend late-August losses towards congestion around 1.1550. Already oversold daily stochastics could limit any initial tests in fresh consolidation, before deteriorating weekly charts open up a test of further congestion around 1.1500.
Meanwhile, resistance is lowered to 1.1600. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath 1.1650.