No follow-through on break of the 1.0905/00 support but prices remain under pressure
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 - No follow-through on break of the 1.0905/00 support but prices remain under pressure. Close below 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 ease the downside pressure and open up stronger bounce to the 1.1000, September low. Above the latter will fade the downside pressure and see room to the 1.1050/1.1100 congestion area.