Held firm above the 1.6130 support and bounce here see prices extending consolidation above the critical 1.6000 low
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.6450 | * | congestion, 38.2% | S1 | 1.6130 | * | Jan low | |
R3 | 1.6400 | * | congestion, 200-day MA | S2 | 1.6000 | ** | Jun/Oct YTD low | |
R2 | 1.6350 | ** | 8 Oct high | S3 | 1.5900 | * | congestion | |
R1 | 1.6255 | * | Aug low | S4 | 1.5850 | * | Jun 2023 low |
Asterisk denotes strength of level
07:30 GMT - Held firm above the 1.6130 support and bounce here see prices extending consolidation above the critical 1.6000 low. Bounce see resistance starting at 1.6255 then the 1.6325/50 highs. Break here will see room for stronger gains to retrace the August/October losses and see room to the 1.6400 level then the 1.6450, Fibonacci retracement. Corrective gains expected to give way to selling pressure later for retest of the 1.6130 support then the 1.6000 level. Below the latter will extend losses from the August high at 1.7185 to retrace gains from the 2022 year low.