21:01 UTC
Uptrend stalled, Friday lower highs · RSI 41 · price 1.33697
Lower highs off the week high, holding above Thursday low.
The week's impulse ran from Tuesday's 1.3296 open to a 1.3419 week high on Thursday, where a rejection in the NY session sent price to the 1.3355 Thursday low before a recovery. Friday printed a sequence of lower highs from the 1.3407 Friday high down to the 1.3388 lower high, despite the UK PMI beat, as strong US PMIs lifted the dollar. Price closed the week at 1.3370, below EMA(20) and just under the 38.2% retracement of the week's rally, with RSI(14) near 41 and the 1.3361 Friday low still intact.
Support: 1.3361, 1.3355, 1.3336
Resistance: 1.3388, 1.3407, 1.3419
What it said to watch
- Close below the 1.3355 Thursday low, near the 50% retracement, would expose the 1.3336 Tue swing low from Tuesday's breakout area
- Close back above the lower-highs trendline and the 1.3388 lower high would undo Friday's lower-high sequence and bring the 1.3407 Friday high back into view
- A return to the 1.3419 week high would test Thursday's rejection zone
- US Durable Goods Tue Oct 27, then the UK Autumn Forecast Statement and FOMC decision on Wed Oct 28, could materially shift this read