Further extend losses through the 1.0915 support before stabilizing at the 1.0905/00, 50% Fibonacci level and congestion area
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.1100 | * | congestion | S1 | 1.0905/00 | ** | 50%, congestion | |
R3 | 1.1050 | * | congestion | S2 | 1.0881 | * | 8 Aug low | |
R2 | 1.1000 | ** | Sep low | S3 | 1.0850 | * | congestion | |
R1 | 1.0950 | * | Jul high | S4 | 1.0835 | * | 61.8% Apr/Sep rally |
Asterisk denotes strength of level
01:10 GMT - Further extend losses through the 1.0915 support before stabilizing at the 1.0905/00, 50% Fibonacci level and congestion area. Bounce from the latter see prices unwinding the oversold intraday and daily studies towards the 1.0950 resistance. Regaining this will open up stronger recovery to the strong resistance at the 1.1000, September low. The latter expected to cap and only clearance here will fade the downside pressure and see room to the 1.1050/1.1100 congestion area. Meanwhile, failure to hold the 1.0905/00 support will open up deeper pullback to 1.0850/35, congestion and 61.8% Fibonacci level.