Higher in consolidation above support at the 1.0812/00 congestion as prices unwind oversold intraday studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.0980 | * | 8 Mar high | S1 | 1.0812/00 | * | 3 May high, congestion | |
R3 | 1.0935/43 | * | 61.8%, 21 Mar high | S2 | 1.0750 | * | congestion, 50% | |
R2 | 1.0900 | * | congestion | S3 | 1.0724 | * | Dec, 9 May low | |
R1 | 1.0860 | 23 May high | S4 | 1.0710/00 | * | 61.8%, Feb low |
Asterisk denotes strength of level
01:00 GMT - Higher in consolidation above support at the 1.0812/00 congestion as prices unwind oversold intraday studies. Daily studies have turned mixed and suggest scope to extend consolidation here. Break will further retrace the April/May rally and see room to the 1.0750 congestion and 50% Fibonacci level. Meanwhile, resistance is at the 1.0850/60 area and clearance here will expose the 1.0900 level to retest. Break here will extend the broader gains from the April YTD low at 1.0600 and see scope for extension to the 1.0935/43 area. Beyond this will see room for retest of the March high at 1.0980 and the 1.1000 level.