Chart EUR/USD Update: Drifting lower
Little change, as prices extend cautious trade beneath congestion resistance at 1.1750
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1848 | 18 Sep high | S1 | 1.1700 | * | congestion | ||
| R3 | 1.1815 | ** | 76.4% ret of Sep-Nov fall | S2 | 1.1680 | * | 38.2% ret of Nov-Dec rally | |
| R2 | 1.1800 | * | congestion | S3 | 1.1650 | * | congestion | |
| R1 | 1.1750 | * | congestion | S4 | 1.1640 | * | 50% ret of Nov-Dec rally |
*Asterisk denotes strength of level
08:25 GMT - Little change, as prices extend cautious trade beneath congestion resistance at 1.1750. Intraday studies are negative and daily readings continue to fall, highlighting room for a drift lower towards congestion support at 1.1700. Just beneath here is the 1.1680 Fibonacci retracement. But mixed/positive weekly charts are expected to limit any initial tests of this range in consolidation. A close below here, however, will add weight to sentiment and extend late-December losses towards 1.1640/50. Meanwhile, resistance at 1.1750 should cap any immediate tests higher. A close above here, if seen, will help to stabilise price action and prompt fresh consolidation beneath strong resistance at 1.1800/15.