Reversal from the 1.0935 Fibonacci level saw sharp plunge through the 1.0761 October low
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.0935 | ** | 38.2% Sep/Oct fall | S1 | 1.0745 | * | 76.4% Apr/Sep rally | |
R3 | 1.0900 | * | congestion | S2 | 1.0700 | * | congestion | |
R2 | 1.0840 | * | 25 Oct high | S3 | 1.0665 | ** | Jun low | |
R1 | 1.0800 | * | congestion | S4 | 1.0600 | ** | Apr YTD low |
Asterisk denotes strength of level
06:25 GMT - Reversal from the 1.0935 Fibonacci level saw sharp plunge through the 1.0761 October low to extend losses from the August/September double top. Clear break of the 1.0745 Fibonacci retracement will see room to retest the 1.0665, June low. Daily studies have turned mixed to negative and suggest scope for break here to expose the April YTD low at 1.0600 to retest. Meanwhile, resistance is lowered to the 1.0761/1.0800 area and this is now expected to cap and sustain losses from the September high.