Chart EUR/USD Update: Cautious trade
Still little change, as prices extend cautious trade above congestion support at 1.1500
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1700 | * | congestion | S1 | 1.1500 | ** | congestion | |
| R3 | 1.1650 | * | congestion | S2 | 1.1470~ | ** | 5 Nov (w) low | |
| R2 | 1.1600 | * | congestion | S3 | 1.1400 | ** | break level | |
| R1 | 1.1550 | * | break level | S4 | 1.1350 | * | congestion |
*Asterisk denotes strength of level
08:30 GMT - Still little change, as prices extend cautious trade above congestion support at 1.1500, following the anticipated test of resistance at the 1.1550 break level. Intraday studies are rising, highlighting room for a retest of 1.1550. However, negative daily readings and deteriorating weekly charts should limit any break in renewed selling interest/consolidation towards congestion around 1.1600. Following cautious/corrective trade, fresh losses are looked for. A later break below congestion support at 1.1500 will open up stronger support at the 1.1470~ weekly low of 5 November. Further selling interest will turn sentiment outright negative and confirm continuation of mid-September losses, initially to 1.1400.