Chart EUR/USD Update: Leaning lower
Cautious trade beneath resistance at 1.0600/01 is giving way to a drift lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0700 | * | congestion | S1 | 1.0496/00 | ** | 14 Nov YTD low; cong | |
| 14 | 1.0650 | break level | S2 | 1.0448 | ** | 3 Oct 2023 (y) low | ||
| R2 | 1.0600/01 | ** | congestion; 16 Apr (m) low | S3 | 1.0393/00 | ** | December 2022 low; cong | |
| R1 | 1.0550 | * | congestion | S4 | 1.0290 | * | late-Nov 22 (w) low |
Asterisk denotes strength of level
08:35 GMT - Cautious trade beneath resistance at 1.0600/01 is giving way to a drift lower, as intraday studies turn down once again, with the break below 1.0550 opening up strong support at the 1.0496 current year low of 14 November and congestion around 1.0500. Daily readings have turned mixed/negative and broader weekly charts are under pressure, highlighting room for further losses in the coming sessions. A close beneath here will turn sentiment negative once again and extend September losses initially towards the 1.0448 year low of 3 October 2023. Meanwhile, any tests back above congestion resistance at 1.0550 are expected to meet renewed selling interest towards 1.0600/01.