Chart EUR/USD Update: Consolidating above 1.0700 level, lower later
No follow-through on break of the 1.0700 level as prices turned up from the 1.0682 low to consolidate sharp drop from the 1.0936 high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0900 | ** | congestion | S1 | 1.0700 | * | congestion | |
| R3 | 1.0840 | * | 25 Oct high | S2 | 1.0665 | ** | Jun low | |
| R2 | 1.0800 | * | congestion | S3 | 1.0600 | ** | Apr YTD low | |
| R1 | 1.0761 | * | Oct low | S4 | 1.0516 | * | Nov 2023 low |
Asterisk denotes strength of level
01:35 GMT - No follow-through on break of the 1.0700 level as prices turned up from the 1.0682 low to consolidate sharp drop from the 1.0936 high. The bearish outside range suggest this giving way to renewed selling pressure later and lower will see scope to retest the June low at 1.0665. Below this will open up the April YTD low at the 1.0600 level to retest. Meanwhile, resistance is lowered to the 1.0761/1.0800 area and this is expected to cap and sustain losses from the September high. Above here will ease the bearish pressure and see room for stronger bounce to 1.0840 and 1.0900 resistance.