Shallow bounce from the 1.2975 low keeps pressure on the downside
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3200 | * | congestion | S1 | 1.2975 | * | 17 Oct low | |
R3 | 1.3142 | * | Jun 2023 year high | S2 | 1.2895 | ** | Mar high | |
R2 | 1.3100 | ** | congestion | S3 | 1.2865/60 | * | 50%, Jun high | |
R1 | 1.3045 | * | Jul high | S4 | 1.2800 | * | congestion, 15 Aug low |
Asterisk denotes strength of level
02:10 GMT - Shallow bounce from the 1.2975 low keeps pressure on the downside and see scope for break lower to extend losses from the September YTD high. Lower will see room to the strong support at the 1.2895/60, March and June highs as well as 50% Fibonacci level. Oversold daily studies caution corrective bounce here with resistance now lowered to the 1.3000/1.3045 area. Above here will open up the 1.3100 level to retest. Would need to clear this resistance to fade the downside pressure and clear the way for stronger recovery to retrace losses from the September high.