Breakdown from the 1.1000 level has seen extension to reach strong support at 1.0950, July high
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.1120/40 | ** | congestion, Dec high | S1 | 1.0950 | ** | Jul high | |
R3 | 1.1100 | * | congestion | S2 | 1.0915 | ** | Jun high | |
R2 | 1.1050 | * | congestion | S3 | 1.0900 | * | congestion | |
R1 | 1.1000 | * | Sep low | S4 | 1.0881 | * | 8 Aug low |
Asterisk denotes strength of level
01:30 GMT - Breakdown from the 1.1000 level has seen extension to reach strong support at 1.0950, July high. Consolidation here see prices unwind the oversold intraday studies but studies remains under pressure and further losses cannot be ruled out. Lower will see room to the 1.0915, June high. Meanwhile, resistance is lowered to the 1.1000 low of September which is now expected to cap. Would need to regain this to ease the downside pressure and clear the way for stronger bounce to the 1.1050/1.1100 congestion area.