Range-bound in consolidation above the 1.2822 low
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3074 | * | 9 Sep high | S1 | 1.2822 | ** | 25 Sep YTD low | |
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
02:05 GMT - Range-bound in consolidation above the 1.2822 low but pressure remains on the downside. However, the oversold daily and weekly studies suggest scope for bounce here to correct losses from the 1.3100, 3rd September high. Above the 1.2900 level will see scope to resistance at the 1.2953 then the 1.3000 level. Clearance here will open up the 1.3100 level to retest. Corrective bounce is expected to give way to renewed selling pressure later and break of the 1.2822 low and 1.2800 level will further extend the broader losses from the 2020 year high.