Based on the H4 timeframe, the week wrapped up nursing losses off a familiar support area made up between August’s opening level at 1.1771 and the 1.18 handle (yellow). Some traders will also view the recent lows around 1.1786 as a double-bottom pattern (red arrows), with a neckline stationed around 1.1865. Traders with a focus on multi-timeframe analysis will also acknowledge the aforementioned support area joins together with channel support on the daily timeframe.
Further gains will likely pull in the 1.19 barrier, followed by September’s opening level at 1.1937, while brushing aside 1.1771/1.18 has weekly support to contend with at 1.1733.
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Further gains will likely pull in the 1.19 barrier, followed by September’s opening level at 1.1937, while brushing aside 1.1771/1.18 has weekly support to contend with at 1.1733.
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