Paused at the 1.1028 high as prices consolidate strong run-up from the 1.0855/1.0850 low of April
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.1175 | * | 26 Oct 2022 high | S1 | 1.0955/50 | * | 4 Apr high, congestion | |
R3 | 1.1100 | * | 61.8% 2022 fall | S2 | 1.0900 | * | congestion | |
R2 | 1.1085 | ** | 20 Feb 2023 year high | S3 | 1.0855 | * | 19 Apr low | |
R1 | 1.1050 | * | Jun high | S4 | 1.0800 | * | figure |
Asterisk denotes strength of level
06:55 GMT - Paused at the 1.1028 high as prices consolidate strong run-up from the 1.0855/1.0850 low of April. However, bullish structure keeps focus on the upside and see scope for retest of the June high at 1.1050 then the 1.1085, February 2023 year highs. Overbought daily and weekly studies suggest reaction here likely and caution corrective pullback here. Meanwhile, support is raised to the 1.0955/50 area and should underpin and limited immediate pullback. Break here will see room for deeper correction to the 1.0900 level then the 1.0855/1.0850 support.