Chart EUR/USD Update: Consolidating - sentiment under pressure
Little change, as prices extend cautious trade around congestion support at 1.1600
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1820 | * | 23 Sep (w) high | S1 | 1.1600 | * | congestion | |
| R3 | 1.1800 | * | congestion | S2 | 1.1542 | ** | 9 Oct (w) low | |
| R2 | 1.1728 | 17 Oct (w) high | S3 | 1.1500 | ** | congestion | ||
| R1 | 1.1700 | * | congestion | S4 | 1.1400 | ** | cong, Jul-Aug (m) lows |
*Asterisk denotes strength of level
08:30 BST - Little change, as prices extend cautious trade around congestion support at 1.1600. Daily readings are deteriorating and broader weekly charts are under pressure, highlighting room for further losses in the coming sessions. A break will open up stronger support at the 1.1542 weekly low of 9 October. A further close beneath here will add weight to sentiment and extend mid-September losses initially to congestion around 1.1500. Meanwhile, resistance remains at congestion around 1.1700 and extends to the 1.1728 weekly high of 17 October. A close above here is needed, not yet seen, to improve sentiment and extend October gains towards congestion around 1.1800.