Chart EUR/USD Update: Extending corrective gains
Pressure remains on the upside as prices extend gains from the 1.1542 low to retrace losses from the 1.1918, September current year high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1830 | * | Jul high | S1 | 1.1645 | * | 25 Sep low | |
| 14 | 1.1800 | ** | congestion | S2 | 1.1600 | * | congestion | |
| R2 | 1.1775/80 | * | congestion, 61.8% | S3 | 1.1542 | ** | 9 Oct low | |
| R1 | 1.1730 | * | 50% Sep/Oct fall | S4 | 1.1500 | * | congestion |
Asterisk denotes strength of level
01:15 GMT - Pressure remains on the upside as prices extend gains from the 1.1542 low to retrace losses from the 1.1918, September current year high. Break above the 1.1700 level see room to target 1.1730, 50% Fibonacci level. Higher still, if seen, will see extension to the 1.1775/80 congestion and 61.8% Fibonacci level. Corrective gains are expected to give way to renewed selling pressure later with support raised to 1.1645/1.1600 area. Would take break here to return focus to the downside for retest of the 1.1542 low and see deeper pullback to retrace the January/September rally.