Steady in range above the 1.3020 low but pressure remains on the downside
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3266 | ** | Aug high | S1 | 1.3045 | ** | Jul high | |
R3 | 1.3200 | * | congestion | S2 | 1.3000 | ** | Sep low, 38.2% | |
R2 | 1.3142 | * | Jul 2023 year high | S3 | 1.2950 | * | congestion | |
R1 | 1.3100 | * | congestion | S4 | 1.2900/95 | ** | congestion, Mar high |
Asterisk denotes strength of level
02:00 GMT - Steady in range above the 1.3020 low but pressure remains on the downside. However, the stretched intraday and daily studies suggest strong support at the 1.3045/1.3000 area expected to keep losses in check for now. However, bearish structure from the September high threatens break to further retrace the April/September rally. Meanwhile, resistance is lowered to the 1.3100 congestion and only above here will see room for stronger bounce to the 1.3142, the 2023 year high, expected to cap. Above here will return focus to the upside and see scope to the 1.3200/1.3266 resistance.