Extending bounce from the 1.2975 low and break above the 1.3045 resistance clears the way for stronger recovery
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3266 | ** | Aug high | S1 | 1.3000 | * | congestion | |
R3 | 1.3200 | * | congestion | S2 | 1.2975 | ** | 17 Oct low | |
R2 | 1.3142 | * | Jun 2023 year high | S3 | 1.2895 | * | Mar high | |
R1 | 1.3100 | * | congestion | S4 | 1.2860 | * | Jun high |
Asterisk denotes strength of level
02:00 GMT - Extending bounce from the 1.2975 low and break above the 1.3045 resistance clears the way for stronger recovery to retrace losses from the September high. Nearby see room to the 1.3100 congestion then the 1.3142, 2023 year high. Above the latter will ease the downside pressure and see room to the 1.3200 level then 1.3266 high of August. Meanwhile, support is raised to the 1.3000 level and this and the 1.2975 low now expected to underpin. Break here will open up deeper pullback to strong support at 1.2895/1.2860, March/June highs.