Edged off the 1.3060 low as prices unwind the oversold intraday studies
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3310 | * | 25 Sep low | S1 | 1.3060 | * | 7 Oct low | |
R3 | 1.3266 | ** | Aug high | S2 | 1.3045 | ** | Jul high | |
R2 | 1.3200 | * | congestion | S3 | 1.3000 | ** | Sep low, 38.2% | |
R1 | 1.3142 | * | Jul 2023 year high | S4 | 1.2950 | * | congestion |
Asterisk denotes strength of level
01:40 GMT - Edged off the 1.3060 low as prices unwind the oversold intraday studies. However, further losses 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, if seen, will open up further extension to retrace the April/September rally. Meanwhile, resistance is lowered to the 1.3142, the 2023 year high. Above here will see room for stronger bounce 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.