Steadied at the 1.3070 low as prices unwind the oversold intraday studies
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3400 | * | congestion | S1 | 1.3070 | * | 4 Oct low | |
R3 | 1.3310 | * | 25 Sep low | S2 | 1.3045 | ** | Jul high | |
R2 | 1.3266 | ** | Aug high | S3 | 1.3000 | ** | Sep low, 38.2% | |
R1 | 1.3200 | * | congestion | S4 | 1.2950 | * | congestion |
Asterisk denotes strength of level
01:40 GMT - Steadied at the 1.3070 low as prices unwind the oversold intraday studies. Further weakness cannot be ruled out though the stretched daily studies suggest losses likely limited with strong support nearby at the 1.3045/1.3000 area expected to underpin. Failure here will open up further extension to retrace the April/September rally deeper. Meanwhile, resistance is lowered to the 1.3200 congestion then the 1.3266, August 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.