22:02 UTC
Recovery uptrend, testing the September high zone · RSI 63 · price 159.803
Rising lows off the 152.89 September low, breaking above a 156.0–159.0 range.
Since the 152.89 September low the pair has built a chain of rising lows, then spent about seven weeks in a 156.0–159.0 range with the 156.08 Oct low as its floor. Tuesday's hot US CPI beat drove a daily close at 159.80, through the 159.03 breakout level and above an EMA(20) at 158.16 and EMA(50) at 158.06 that are both turning higher. RSI at 63 sits short of overbought and ATR is expanding. Price is now pressing the 160.00 intervention line and the 160.39 Sep high, near the top of the sep drop fib.
Support: 159.03, 158.16, 156.08
Resistance: 160.00, 160.39, 163.99
What it said to watch
- A daily close back below the 159.03 breakout level would mark a false break and put price back inside the range
- Trade through the 160.00 intervention line raises MOF risk. A close above the 160.39 Sep high opens the path toward the 163.99 July high
- Loss of the 158.16 ema20 and then the 156.08 Oct low would break the rising lows read
- Friday's US core PPI (f/c 5%) and Japan Q3 GDP on Sunday could materially shift this read