22:02 UTC
Recovering uptrend, higher lows since mid-October · RSI 64 · price 1.34139
HL chain off 1.3137 low; testing 61.8% of Sept–Oct decline.
Since the 1.3137 Oct low on 14 October, the pair has built a higher-low chain. The 28 October swing low at 1.3272 held, and Monday's push to a 1.3448 six-wk high cleared the 22 October peak, driven mainly by USD weakness during the oil rout. Price now sits on the 61.8% retracement of the September–October decline, above both EMAs, with RSI in the mid-60s rather than overbought. The 1.3568 Sept high is the next major pivot overhead.
Support: 1.3345, 1.3272, 1.3137
Resistance: 1.3448, 1.3568
What it said to watch
- BoE decision Thu 5 Nov (f/c hike to 4.00%, 7-2 vote): the vote split and guidance could materially shift this read
- US midterm results overnight and US jobs data later in the week are the USD-side catalysts
- A daily close above the 1.3448 six-wk high opens the path toward the 1.3568 Sept high
- Failure to hold the ema20 near 1.3345 would point to a deeper pullback within the higher-low structure
- A daily close below the 1.3272 swing low breaks the higher-low chain and puts the 1.3137 Oct low back in focus