Return to pressure the upside as consolidation around .8550 gives way to renewed strength to reach .8610 high
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 0.8750 | * | 15 Aug high | S1 | 0.8550 | ** | Sep high | |
R3 | 0.8700 | * | 38.2% May/Sep fall | S2 | 0.8500 | * | 4 Oct low, congestion | |
R2 | 0.8650 | * | congestion | S3 | 0.8450 | * | congestion | |
R1 | 0.8610 | * | 9 Oct high | S4 | 0.8400 | * | Aug low, congestion |
Asterisk denotes strength of level
07:10 GMT - Return to pressure the upside as consolidation around .8550 gives way to renewed strength to reach .8610 high. Close above the .8550 resistance confirm a bottom pattern in place at the .8400/.8375 lows and see room for stronger recovery to the .8650 congestion then the .8700 level and 38.2% Fibonacci retracement. Meanwhile, support is raised to the September high at .8550 and this should now underpin. Failure here will leave the way open up pullback to retest the .8400 congestion and .8375, September YTD low.