Bounce from the 1.0985 low to clear the 1.1030 and 1.1055 resistance open up the 1.1090 high to retest
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.1175 | * | 26 Oct 2022 high | S1 | 1.1030 | * | May high | |
R3 | 1.1155 | ** | 17 Jul YTD high | S2 | 1.0985 | * | 17 Oct low | |
R2 | 1.1100 | * | congestion | S3 | 1.0950/45 | ** | congestion, Sep high | |
R1 | 1.1090 | * | 9 Oct high | S4 | 1.0900 | * | congestion |
Asterisk denotes strength of level
06:40 GMT - Bounce from the 1.0985 low to clear the 1.1030 and 1.1055 resistance open up the 1.1090 high to retest. Above this will extend gains from the September low at 1.0780 and see room to the 1.1100 congestion then the 1.1155, July YTD high. Clearance here will see room to further retrace the sharp losses of 2022 from the 1.1490 high. Meanwhile, support is now raised to the May high at 1.1030. Below this will open up deeper corrective pullback to 1.0985 and 1.0950/1.0945 congestion which is expected to limit corrective pullback.