Leaning lower within last Thursday's 1.0955/1.0900 range and bearish structure keep focus on the downside
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 | 1.0950/55 | * | Jul high, 10 Oct high | S4 | 1.0835 | * | 61.8% Apr/Sep rally |
Asterisk denotes strength of level
01:30 GMT - Leaning lower within last Thursday's 1.0955/1.0900 range and bearish structure keep focus on the downside and threatens retest of the 1.0905/00 support. Break here will see continuation of the losses from the 1.1200/14 to further retrace the April/September rally. Lower will see room to the 1.0881 support then the 1.0850/35, congestion and 61.8% Fibonacci level. Meanwhile, resistance at the 1.0950/55 area caps. Would need to clear this to open up stronger bounce to the strong resistance at the 1.1000, September low. Above the latter will fade the downside pressure and see room to the 1.1050/1.1100 congestion area.