Prices remain under pressure with losses edging to marginal low at 1.3055
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3310 | * | 25 Sep low | S1 | 1.3045 | ** | Jul high | |
R3 | 1.3266 | ** | Aug high | S2 | 1.3000 | ** | Sep low, 38.2% | |
R2 | 1.3200 | * | congestion | S3 | 1.2950 | * | congestion | |
R1 | 1.3142 | * | Jul 2023 year high | S4 | 1.2900/95 | ** | congestion, Mar high |
Asterisk denotes strength of level
01:45 GMT - Prices remain under pressure with losses edging to marginal low at 1.3055. However, the stretched intraday and daily studies suggest strong support nearby at the 1.3045/1.3000 area expected to underpin and where rebound can be expected. Meanwhile, resistance remains at the 1.3142, the 2023 year high. Would need to clear this resistance to open up room for stronger bounce to the 1.3200 congestion then the 1.3266, August high. Regaining the latter will return focus to the upside and see scope to retest the 1.3400 level then 1.3434 high.