Chart EUR/USD Update: Fresh year lows - studies under pressure
Cautious trade around congestion resistance at 1.1600 has given way to a sharp gap lower to post fresh 2026 year lows just above congestion support at 1.1500
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1700 | * | congestion | S1 | 1.1500 | ** | congestion | |
| R3 | 1.1655 | 4 Mar high | S2 | 1.1470~ | * | 5 Nov (m) low | ||
| R2 | 1.1600 | ** | congestion | S3 | 1.1400 | * | congestion | |
| R1 | 1.1550 | * | congestion | S4 | 1.1350~ | ** | 38.2% ret of 2025-2026 rally |
*Asterisk denotes strength of level
08:40 GMT - Cautious trade around congestion resistance at 1.1600 has given way to a sharp gap lower to post fresh 2026 year lows just above congestion support at 1.1500. Both intraday and daily studies are under pressure, highlighting room for still further losses in the coming sessions. A break will target the 1.1470~ monthly low of 5 November. Continuation beneath here will complete a multi-month distribution top beneath the 1.2083 current year high of 27 January, with focus to then turn to minor congestion around 1.1400. Still lower is the 1.1350~ Fibonacci retracement. Meanwhile, resistance is at congestion around 1.1550. A close above here, if seen, would help to stabilise price action and prompt consolidation beneath 1.1600.