Little change, as prices extend cautious trade above congestion support at 1.3500
Levels
Imp
Comment
Levels
Imp
Comment
R4
1.3630
**
38.2% ret of Aug fall
S1
1.3500
*
congestion
R3
1.3600
**
break level
S2
1.3460
*
intraday break level
R2
1.3550
intraday break level
S3
1.3420
25 Sep (w) low
R1
1.3525
intraday high
S4
1.3400
**
break level
Asterisk denotes strength of level
16:20 BST - Little change, as prices extend cautious trade above congestion support at 1.3500. Intraday studies are under pressure, highlighting room for a test beneath here. But rising daily readings are expected to limit initial scope in consolidation above 1.3460, before deteriorating weekly charts extend losses still further. A close below the 1.3420 weekly low of 25 September is needed to turn sentiment negative and confirm a significant top in place at the 1.3945~ current year high of 5 August, as focus then turns to 1.3400. Still lower is the 1.3360 Fibonacci retracement. Meanwhile, any immediate tests above 1.3550 should be limited to 1.3600.
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