Rejection from the 1.3100 level has seen sharp break lower through the 1.3045 and 1.3000 support
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3200 | * | congestion | S1 | 1.2950 | * | congestion | |
R3 | 1.3142 | * | Jun 2023 year high | S2 | 1.2900/95 | ** | congestion, Mar high | |
R2 | 1.3100 | * | congestion | S3 | 1.2865/60 | * | 50% Apr/Sep rally, Jun high | |
R1 | 1.3045 | * | Jul high | S4 | 1.2800 | * | congestion |
Asterisk denotes strength of level
02:00 GMT - Rejection from the 1.3100 level has seen sharp break lower through the 1.3045 and 1.3000 support before stabilizing at the 1.2977 low. Consolidation here see prices unwinding stretched intraday studies and bounce to see resistance now at the 1.3045 high of July. While the latter cap, scope is seen for further losses to congestion at 1.2950. Lower still, will see scope to strong support at the 1.2895/1.2860, March and June highs as welll as 50% Fibonacci level. Meanwhile, the July high and congestion at the 1.3045/1.3100 area now expected to cap.