Consolidating test of the 1.3100 level as prices unwind oversold intraday studies
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3400 | * | congestion | S1 | 1.3100 | * | congestion | |
R3 | 1.3310 | * | 25 Sep low | S2 | 1.3045 | ** | Jul high | |
R2 | 1.3266 | ** | Aug high | S3 | 1.3000 | ** | Sep low | |
R1 | 1.3200 | * | congestion | S4 | 1.2950 | * | congestion |
Asterisk denotes strength of level
01:50 GMT - Consolidating test of the 1.3100 level as prices unwind oversold intraday studies following sharp break of the 1.3266 support. However, the daily studies continues to track lower and suggest risk for break to extend losses from the September high. Lower will see room to the strong support at 1.3045/1.3000 area which is expected to underpin. Meanwhile, resistance is lowered to the 1.3200 congestion then the 1.3266 high. Would need to regain the latter to return focus to the upside and see scope to retest the 1.3400 level then 1.3434 high.