Weekly Chart EUR/USD Update: Pressuring current year low - background studies remain under pressure

Consolidation above 1.1200 has given way to fresh losses,

with prices currently pressuring strong support at the 1.1130 Fibonacci retracement and the 1.1115~ year low of 14 October.

Flat oversold weekly stochastics are showing early signs of ticking lower once again, the weekly Tension Indicator remains bearish and longer-term charts are also under pressure, pointing to room for still further losses in the coming week(s). A close beneath here will add weight to bearish sentiment and extend 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 the 1.1200 congestion base.

Negative daily stochastics and a tick lower in the daily Tension Indicator should limit any bounce from current levels in fresh selling interest beneath here. However, a close above 1.1200, if seen, will help to stabilise price action and give way to fresh consolidation/range extension beneath 1.1250. A close above the 1.1285 high of 2 October. however, will help to improve sentiment and extend gains towards strong resistance at the 1.1400 break level.