Published: 2024-12-19T08:25:46.000Z
Chart EUR/USD Update: Price action coming under pressure
Senior Technical Strategist
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Anticipated losses have extended further than expected
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0550 | * | congestion | S1 | 1.0343 | 18 Dec low | ||
| 14 | 1.0500 | * | congestion | S2 | 1.0331 | ** | 22 Nov YTD low | |
| R2 | 1.0460 | * | 2 Dec (w) low | S3 | 1.0290 | ** | late-Nov 22 (w) low | |
| R1 | 1.0400 | ** | congestion | S4 | 1.0200 | ** | 61.8% ret of 2022-2023 rally |
Asterisk denotes strength of level
08:20 GMT - Anticipated losses have extended further than expected, with the break below 1.0400 meeting buying interest just above the 1.0331 current year low of 22 November. Rising intraday studies are prompting a bounce back to 1.0400. But daily readings have turned negative and weekly charts are also under pressure, suggesting any immediate break could meet renewed selling interest towards resistance within the 1.0460-1.0500 area. Following cautious trade, fresh losses are looked for. A close below 1.0331 will add weight to sentiment and extend July 2023 losses initially to 1.0290.