Weekly Chart EUR/USD Update: Balanced above fresh year low - background under pressure

Anticipated losses have posted a fresh year low around 1.1100, before bouncing back into consolidation above strong support at the 1.1130 Fibonacci retracement and the 1.1115~ year low of 14 October.

Weekly stochastics remain flat in oversold areas and the bearish weekly Tension Indicator is showing early signs of flattening, suggesting potential for further cautious trade and consolidation above the 1.1100 - 1.1130 range. However, longer-term charts are under pressure, pointing to a later break beneath here and continuation of January losses, initially towards the 1.1065 weekly low of mid-May 2025. Beneath here is congestion around 1.1000, ahead of the 1.0900 Fibonacci retracement.

Meanwhile, resistance is at congestion around 1.1250 and extends to the 1.1285 high of 2 October.

Mixed daily readings suggest any fresh tests of here should be limited in fresh selling interest. However, a close above 1.11285, if seen, will help to improve sentiment and extend late-October gains initially towards strong resistance at the 1.1340 Fibonacci retracement.