Chart EUR/USD Update: Prices remain under pressure
The anticipated break below 1.1550 is giving way to consolidation 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
08:35 GMT - The anticipated break below 1.1550 is giving way to consolidation above congestion support at 1.1500, with prices currently trading around 1.1515. Intraday studies are under pressure and daily readings continue to deteriorate, highlighting room for further losses towards stronger support at the 1.1470~ weekly low of 5 November. Broader weekly charts are mixed/negative, but a close beneath here is needed to turn sentiment outright negative and confirm continuation of mid-September losses, initially to 1.1400. Meanwhile, resistance is lowered to the 1.1550 break level. A close above here, if seen, will help to stabilise price action and give way to consolidation beneath congestion resistance at 1.1600.