Break of the 1.0900 level has seen further extension to approach support at the 1.0850 congestion
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.1050 | * | congestion | S1 | 1.0850 | * | congestion | |
R3 | 1.1000 | ** | Sep low | S2 | 1.0835 | * | 61.8% Apr/Sep rally | |
R2 | 1.0950/55 | * | Jul high, 10 Oct high | S3 | 1.0800 | ** | congestion | |
R1 | 1.0900 | * | 10 Oct low, congestion | S4 | 1.0778 | * | congestion |
Asterisk denotes strength of level
01:40 GMT - Break of the 1.0900 level has seen further extension to approach support at the 1.0850 congestion. Consolidation here see prices unwinding the stretched intraday studies but negative daily studies keep pressure firmly on the downside. Lower will see room to the 1.0835, 61.8% Fibonacci retracement, then the 1.0800 level. Meanwhile, resistance is lowered to the 1.0900 congestion. Would need to regain this to ease the downside pressure and open up stronger bounce to the 1.0950/55 area then the strong resistance at the 1.1000, September low.