Lower in consolidation from the 1.3062 high as prices unwind the overbought intraday studies
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3184 | * | 5 Aug low | S1 | 1.2950 | * | 6 Sep low | |
R3 | 1.3158 | ** | 3 Sep, 22 Aug highs | S2 | 1.2900 | * | congestion | |
R2 | 1.3100/25 | * | 9 Sep high, 38.2% | S3 | 1.2860 | * | congestion | |
R1 | 1.3074 | * | 9 Sep high | S4 | 1.2800/90 | ** | figure, 27 Sep YTD low |
Asterisk denotes strength of level
02:15 GMT - Lower in consolidation from the 1.3062 high as prices unwind the overbought intraday studies. Gains beyond this likely to be limited with strong resistance nearby at 1.3074 and extending to 1.3100/25 area and 38.2% Fibonacci retracement. Corrective gains are expected to give way to selling pressure later with support raised to the 1.2950 congestion. The latter now underpin and see break here needed to return focus to the downside and see room for retest of the 1.2900 congestion. Below this will return focus to the 1.2800 level and 1.2790 YTD low.