Chart EUR/USD Update: Consolidating - daily studies edging higher
Little change, as unwinding overbought intraday studies keep near-term sentiment cautious
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0800 | * | congestion | S1 | 1.0550 | * | congestion | |
| 14 | 1.0700 | * | congestion | S2 | 1.0496/00 | ** | 14 Nov YTD low; cong | |
| R2 | 1.0650 | break level | S3 | 1.0448 | ** | 3 Oct 2023 (y) low | ||
| R1 | 1.0600/01 | ** | congestion; 16 Apr (m) low | S4 | 1.0393/00 | ** | December 2022 low; cong |
Asterisk denotes strength of level
08:25 GMT - Little change, as unwinding overbought intraday studies keep near-term sentiment cautious and extend consolidation beneath resistance at 1.0600/01. Oversold daily stochastics are unwinding and the daily Tension Indicator is turning higher, suggesting room for a test above here. Focus will then turn to the 1.0650 break level, but negative weekly charts should limit any further strength in renewed selling interest towards 1.0700. Meanwhile, support remains at congestion around 1.0550. But a close below strong support at the 1.0496 current year low of 14 November and congestion around 1.0500 is needed to turn sentiment negative once again and extend September losses towards the 1.0448 year low of 3 October 2023. Oversold weekly stochastics could prompt short-covering/consolidation towards here.