Consolidating above the 1.0810 low as prices unwind the oversold intraday and daily studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.1000 | ** | Sep low | S1 | 1.0810 | * | 17 Oct low | |
R3 | 1.0950 | * | Jul high | S2 | 1.0778 | * | Aug low | |
R2 | 1.0900 | * | congestion | S3 | 1.0750 | ** | Oct 2023 trendline | |
R1 | 1.0875 | * | 17 Oct high | S4 | 1.0700 | * | congestion |
Asterisk denotes strength of level
01:45 GMT - Consolidating above the 1.0810 low as prices unwind the oversold intraday and daily studies. However, shallow bouce keeps pressure on the downside and see risk for break to further extend losses from the August/September double top. Lower will see room to the 1.0778 low of August. Below here will see scope to strong support at 1.0750, trendline from the Ocotber 2023 low, where reaction can be expected. Meanwhile, resistance at the 1.0875/1.0900 congestion expected to cap and sustain bearish momentum from the September YTD high.