Chart EUR/USD Update: Consolidating, room for lower later
Edged up in consolidation from 1.1360 low as intraday studies unwind oversold readings and consolidate losses from 1.1495, Monday's high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1550 | * | congestion | S1 | 1.1350 | * | congestion | |
| R3 | 1.1500 | ** | congestion | S2 | 1.1325 | ** | 24 Jun YTD low | |
| R2 | 1.1450 | * | congestion | S3 | 1.1300 | * | congestion | |
| R1 | 1.1410 | * | Mar low | S4 | 1.1275 | ** | Jul 2023 yr high |
Asterisk denotes strength of level
01:25 GMT - Edged up in consolidation from 1.1360 low as intraday studies unwind oversold readings and consolidate losses from 1.1495, Monday's high. Daily studies are stretched as well but further losses cannot be ruled out. Break of 1.1350 congestion will see room to retest the July current year low at 1.1325. Lower still, will see room for extension to 1.1300 level and support at 1.1275, the July 2023 year high. Meanwhile, resistance is at 1.1410 March low and this extend to 1.1450 congestion. Only above here will ease the downside pressure and see room for stronger bounce to retrace losses from August high.