Chart EUR/USD Update: Sharp pullback from 1.1800/15
The anticipated test of strong resistance at congestion around 1.1800 and the 1.1815 Fibonacci retracement has met strong selling interest
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2000 | ** | congestion | S1 | 1.1700 | * | congestion | |
| R3 | 1.1919 | ** | 17 Sep YTD high | S2 | 1.1650 | * | congestion | |
| R2 | 1.1815 | ** | 76.4% ret of Sep-Nov fall | S3 | 1.1600 | * | congestion | |
| R1 | 1.1800 | * | congestion | S4 | 1.1550 | * | break level |
*Asterisk denotes strength of level
08:35 GMT - The anticipated test of strong resistance at congestion around 1.1800 and the 1.1815 Fibonacci retracement has met strong selling interest, with steady losses approaching congestion support at 1.1700. Intraday studies are negative and daily readings are turning down, highlighting a deterioration in sentiment and room for further losses in the coming sessions. A break below 1.1700 will open up further congestion around 1.1650. But rising weekly charts should limit any deeper reactions in consolidation above 1.1600. Meanwhile, any immediate tests higher should be limited in consolidation beneath 1.1800/15.