Chart EUR/USD Update: Under pressure
Anticipated losses have reached strong support at 1.1600
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1800 | * | congestion | S1 | 1.1600 | ** | congestion, 61.8% ret | |
| R3 | 1.1750 | * | congestion | S2 | 1.1550 | ** | 76.4% ret of Nov-Dec rally | |
| R2 | 1.1700 | * | congestion | S3 | 1.1500 | ** | congestion | |
| R1 | 1.1650 | * | congestion | S4 | 1.1470~ | ** | 5 Nov (m) low |
*Asterisk denotes strength of level
08:35 GMT - Anticipated losses have reached strong support at 1.1600, where unwinding oversold intraday studies are prompting short-term consolidation. Daily stochastics and the daily Tension Indicator continue to track lower, however, highlighting room for further losses in the coming sessions. A break beneath here will add weight to sentiment and extend late-December losses towards the 1.1550 Fibonacci retracement. (Deteriorating weekly charts could prompt still deeper losses). Meanwhile, resistance remains at congestion around 1.1650. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath further congestion around 1.1700.