|R4||1.0950||*||congestion||S1||1.0813||13 Jul low|
|R2||1.0900||*||congestion||S3||1.0784||*||1 Feb (m) low|
|R1||1.0870||*||11-14 Jun (m) lows||S4||1.0750||**||61.8% ret of 2020-2021 rally|
Asterisk denotes strength of level
08:55 BST - Consolidation has given way to a test lower to 1.0813, where mixed intraday studies are prompting short-term reactions. Both daily and weekly readings have turned down, however, pointing to a deterioration in sentiment and potential for extension of March losses in the coming sessions. Support is at congestion around 1.0800 and extends to the 1.0784 monthly low of 1 February. A break beneath here cannot be ruled out, but stronger support at the 1.0750 Fibonacci retracement should underpin any initial tests. Meanwhile, resistance remains at 1.0870, and should continue to cap any immediate tests higher.