Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.0700 | * | congestion | S1 | 1.0500 | * | congestion | |
R3 | 1.0650 | * | congestion | S2 | 1.0443 | * | 7 Dec (w) low | |
R2 | 1.0610 | ** | 38.2% ret of 2020-2021 fall | S3 | 1.0400 | * | congestion | |
R1 | 1.0595/00 | ** | 5 Dec high; cong | S4 | 1.0300 | * | congestion |
Asterisk denotes strength of level
08:25 GMT - Still little change, as mixed/negative intraday studies keep near-term sentiment cautious and extend consolidation above congestion support at 1.0500. Daily readings are leaning lower, however, highlighting potential for a later break beneath towards strong support at the 1.0443 weekly low of 7 December, where rising weekly charts are expected to prompt fresh buying interest. A further close beneath here will turn sentiment negative and signal a near-term top in place just beneath 1.0600/10. Meanwhile, a close above the 1.0610 Fibonacci retracement will turn price action positive and confirm continuation of September gains.