Chart EUR/USD Update: Consolidating
Still little change, as prices extend cautious trade around congestion resistance at 1.0500
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0630 | ** | 50% ret of Nov fall | S1 | 1.0460 | * | 2 Dec (w) low | |
| 14 | 1.0600/01 | ** | congestion; 16 Apr (m) low | S2 | 1.0400 | ** | congestion | |
| R2 | 1.0550 | * | congestion | S3 | 1.0331 | ** | 22 Nov YTD low | |
| R1 | 1.0500 | * | congestion | S4 | 1.0290 | ** | late-Nov 22 (w) low |
Asterisk denotes strength of level
08:25 GMT - Still little change, as prices extend cautious trade around congestion resistance at 1.0500. Intraday studies are turning down, highlighting room for a drift lower towards support at the 1.0460 weekly low of 2 December. However, flat daily readings are expected to limit any initial tests in consolidation, before mixed/negative weekly charts prompt a break. A later close below 1.0460 will add weight to price action and open up congestion around 1.0400. By-then oversold daily readings could limit any initial tests of here in short-covering/consolidation. Meanwhile, resistance is up to congestion around 1.0550 and should cap any immediate tests higher.