Consolidation above the 1.2883 low has given way to break to fresh low and see the 1.2800 level now within reach
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3074 | * | 9 Sep high | S1 | 1.2800 | * | figure | |
R3 | 1.3000 | ** | figure, Aug low | S2 | 1.2775 | * | 24 Oct 2014 high | |
R2 | 1.2953 | * | 6 Sep low | S3 | 1.2706 | * | 29 Oct 2014 low | |
R1 | 1.2883/00 | * | 18 Sep low, congestion | S4 | 1.2677 | * | 9 Oct 2014 month low |
Asterisk denotes strength of level
02:25 GMT - Consolidation above the 1.2883 low has given way to break to fresh low and see the 1.2800 level now within reach. Deep oversold daily and weekly studies caution corrective bounce from the latter but upside likely to be limited with resistance starting 1.2883/1.2900 congestion area. Only above here will delay bears and see room for stronger bounce to 1.2953 then the 1.3000 figure. The latter now expected to cap and keep focus on the downside. Below the 1.2800 level will further extend the broader losses from the 2020 year high.