Little change, as prices drift narrowly in consolidation below the 1.3062 high
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
01:50 GMT - Little change, as prices drift narrowly in consolidation below the 1.3062 high and unwind the overbought intraday studies. However, shallow pullback keeps pressure on the upside with the resulting flag pattern suggesting scope for break higher to extend gains from the 1.2800 level. Higher will see room to the 1.3100/25 resistance and 38.2% Fibonacci retracement. Meanwhile, support remains at the 1.3000 congestion and break here needed to open up deeper pullback to the 1.2950 support. Below this will return focus to the downside and see room for retest of the 1.2900 congestion.