Limited on break of the .8600 level as prices consolidate gains from the .8400 low
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
06:30 GMT - Limited on break of the .8600 level as prices consolidate gains from the .8400 low. However, further gains not ruled out and clearance will see room for strong recovery to retrace May/September losses and see extension to the .8650 congestion then the .8700 level and 38.2% Fibonacci retracement. Meanwhile, support is raised to the September high at .8550 then the .8520/00 area which is expected to underpin. Failure to hold the latter will leave the way open up pullback to retest the .8400 congestion and .8375, September YTD low.