Consolidation above the 1.3100 giving way to selling pressure to extend pullback from resistance at the 1.3158, December low
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3250 | * | congestion | S1 | 1.3050 | * | congestion | |
R3 | 1.3230 | * | 50% Apr/Sep losses | S2 | 1.3000 | ** | Aug low | |
R2 | 1.3184 | * | 5 Aug low | S3 | 1.2950 | * | 6 Sep low | |
R1 | 1.3158 | ** | Dec low | S4 | 1.2900 | * | congestion |
Asterisk denotes strength of level
02:25 GMT - Consolidation above the 1.3100 giving way to selling pressure to extend pullback from resistance at the 1.3158, December low. Prices are unwinding the overbought daily studies and lower will see room to the 1.3050 congestion. Below this will see deeper pullback to retrace rally from the 1.2800, September YTD low, to strong support at the 1.3000 August low. Break here will weaken and turn focus to the 1.2950 support. Meanwhile, resistance at 1.3158 expected to cap. Break here, if seen, will see room to resistance at 1.3184 then 1.3230, 50% Fibonacci level.