Published: 2024-04-16T07:41:05.000Z
Chart EUR/USD Update: Pressuring 1.0600/10 - studies continue to point lower
Senior Technical Strategist
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Little change, as late-December losses extend still further to post a fresh 2024 year low
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.0850 | congestion | S1 | 1.0600/10 | ** | congestion; 76.4% ret of Oct-Dec rally | ||
R3 | 1.0800 | * | congestion | S2 | 1.0550 | * | congestion | |
R2 | 1.0750 | minor congestion | S3 | 1.0515~ | * | 1 Nov (m) low | ||
R1 | 1.0695/00 | ** | 14 Feb (m) low; congestion | S4 | 1.0500 | ** | congestion |
Asterisk denotes strength of level
08:25 BST - Little change, as late-December losses extend still further to post a fresh 2024 year low within strong support at the 1.0610 Fibonacci retracement and congestion around 1.0600. Intraday studies are mixed, suggesting consolidation around here. However, daily readings continue to point lower, highlighting room for still further weakness in the coming sessions. A close beneath here will turn sentiment negative once again and open up congestion around 1.0550. Meanwhile, resistance remains at 1.0695/00 and should cap any immediate tests higher.