|R4||1.1850||intraday break level||S1||1.1612/15||**||September lows|
|R3||1.1800||*||congestion||S2||1.1590||**||50% ret of Jun-Sep rally|
|R2||1.1750||*||congestion||S3||1.1540||23 Jul low|
Asterisk denotes strength of level
08:15 GMT - Short-term consolidation is giving way to fresh losses, whilst both intraday and daily momentum readings continue to track lower, with prices now approaching critical support at the 1.1612/15 lows of September and the 1.1590 Fibonacci retracement. Initial tests could give way to fresh consolidation, before deteriorating weekly charts prompt further losses. A later close beneath here will confirm a top in place at 1.2000 and extend September losses towards 1.1485/90. Meanwhile, resistance at 1.1700 should continue to cap any immediate gains. An unexpected close above here, however, would delay downside development and put prices into consolidation, capped by 1.1750.