Chart EUR/USD Update: Turned up in consolidation from 1.0682 low
Turned up from the 1.0682 low to consolidate sharp drop from the 1.0936 high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0950 | ** | Jul high | S1 | 1.0761 | * | Oct low | |
| R3 | 1.0936 | ** | 25 Oct high | S2 | 1.0682 | * | 6 Nov low | |
| R2 | 1.0900 | * | congestion | S3 | 1.0665 | ** | Jun low | |
| R1 | 1.0840 | * | 25 Oct high | S4 | 1.0600 | ** | Apr YTD low |
Asterisk denotes strength of level
01:45 GMT - No follow-through on break of the 1.0700 level as prices turned up from the 1.0682 low to consolidate sharp drop from the 1.0936 high. Bounce see prices unwinding oversold intraday studies and this is expected to give way to renewed selling pressure later. Support is raised to the October low at 1.0761 and break here will expose the 1.0700 level and 1.0682 low to retest. Below this will open up the 1.0665 and 1.0600, June and April lows to retest. Meanwhile, resistance at 1.0840 is expected to cap and sustain losses from the September high. Above here will ease the bearish pressure and see room for stronger bounce to retest the 1.0900 level.