Consolidating test of the .9150/55 congestion
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 0.9245 | ** | Oct 2023 high | S1 | 0.9100 | * | 22 May low, congestion | |
R3 | 0.9224 | ** | 1 May YTD high | S2 | 0.9045 | 17 May low | ||
R2 | 0.9200 | figure | S3 | 0.9000 | * | congestion | ||
R1 | 0.9150/55 | * | congestion | S4 | 0.8965 | 25 Mar low |
06:20 GMT - Consolidating test of the .9150/55 congestion with the resulting pennant pattern suggesting scope for break to further extend gains from the .9000 level. Clearance here will return focus to the May YTD high at .9224 and the .9245, 2023 year high. Overbought daily studies suggest reaction here likely and pullback to see support at the .9100 level and previous highs seen early-April expected to underpin. Would take break here to fade the upside pressure and see return to the .9045 support then the .9000 level. Break of the latter will see room for deeper pullback to retrace the strong rally from the .8332 low of December.