Published: 2024-12-19T02:02:49.000Z
Chart EUR/USD Update: Consolidating above 1.0331, November low
Technical Analyst
2
Break of the 1.0448 support has seen follow-through to approach the 1.0331, November YTD low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0534 | * | 17 Dec high | S1 | 1.0331 | ** | 22 Nov YTD low | |
| R3 | 1.0500 | * | congestion | S2 | 1.0300 | * | congestion | |
| R2 | 1.0448 | ** | Oct 2023 year low | S3 | 1.0223 | * | 21 Nov 2022 low | |
| R1 | 1.0425 | * | 26 Nov low | S4 | 1.0200 | ** | 61.8% 2022/2023 rally |
Asterisk denotes strength of level
02:00 GMT - Break of the 1.0448 support has seen follow-through to take out the 1.0425/00 support and approach the 1.0331, November YTD low. Consolidation here see prices unwinding deep oversold intraday studies but negative daily studies highlights risk for break later. Break will further retrace the 2022/2023 rally and see room to the 1.0300 congestion. Meanwhile, resistance is lowered to the 1.0400/25 congestion and 26 Nov low ahead of the 1.0448, 2023 year low. The latter now expected to cap and sustain the bearish pressure.