Pressure remains on the downside to extend breakdown from the 83.7550 low of 20 August
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 83.8000 | * | 26 Aug low | S1 | 83.4200 | * | Nov 2023 year low | |
R3 | 83.7500 | ** | 20 Aug low | S2 | 83.4000 | * | congestion | |
R2 | 83.6650 | * | Jun high | S3 | 83.3600 | * | 28 Jun low | |
R1 | 83.6000 | * | congestion | S4 | 83.3485/25 | * | 61.8%, 19 Jun low |
Asterisk denotes strength of level
04:30 GMT - Pressure remains on the downside to extend breakdown from the 83.7550 low of 20 August. Follow-through to break the 83.6000 and 83.5000 congestion see strong support at the 83.4200/83.4000, the 2023 year high and congestion level now at risk. Oversold daily studies suggest scope for reaction at the latter. Failure to hold this will see room to the 83.3600/83.3425, 28 and 19 June lows and 61.8% Fibonacci retracement. Meanwhile, resistance is lowered to the 83.6000 congestion, expected to cap any corrective bounce and sustain losses from the 83.9850 high.