Drifting 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 | 1.3000 | * | Aug low | |
R3 | 1.3158 | ** | Dec low | S2 | 1.2950 | * | 6 Sep low | |
R2 | 1.3100/25 | * | 3 Sep high, 38.2% | S3 | 1.2900 | * | congestion | |
R1 | 1.3074 | * | 9 Sep high | S4 | 1.2860 | * | congestion |
Asterisk denotes strength of level
02:15 GMT - Drifting 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. Gains are seen corrective and lower high sought to further pressure the downside later with support raised to the 1.3000 congestion and see break here to open up deeper pullback to the 1.2950 support. Break of the latter is needed to return focus to the downside and see room for retest of the 1.2900 congestion.