Chart EUR/USD Update: Consolidating - room for a fresh test above 1.0900
The anticipated test above resistance at the 1.0900 break level has been pushed back from 1.0910
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0985 | ** | 50% ret of Sep-Oct fall | S1 | 1.0870 | break level | ||
| R3 | 1.0950 | break level | S2 | 1.0800 | * | congestion | ||
| R2 | 1.0930 | ** | 38.2% ret of Sep-Oct fall | S3 | 1.0761 | ** | 23 Oct (w) low | |
| R1 | 1.0900 | ** | break level | S4 | 1.0750 | ** | 76.4% ret of Aug-Sep rally |
Asterisk denotes strength of level
08:25 GMT - The anticipated test above resistance at the 1.0900 break level has been pushed back from 1.0910, with prices currently trading around 1.0890. The daily Tension Indicator continues to rise, highlighting room for a fresh test above here. However, flat overbought daily stochastics and mixed/negative weekly charts are expected to prompt fresh selling interest towards the 1.0930 Fibonacci retracement. A further close above here, however, would improve sentiment and extend October gains beyond 1.0950 towards the 1.0985 retracement. Meanwhile, a close below support at the 1.0870 break level would turn sentiment neutral and give way to consolidation/choppy trade above congestion support at 1.0800.