Consolidating test of the 1.3330, 76.4 Fibonacci retracement, but pressure remains on the upside
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3500 | * | congestion | S1 | 1.3266 | * | Aug high | |
R3 | 1.3440 | 25 Dec 2022 high | S2 | 1.3200 | * | congestion | ||
R2 | 1.3400 | * | figure | S3 | 1.3142 | ** | Jul 2023 year high | |
R1 | 1.3330 | * | 76.4% 2021/2022 fall | S4 | 1.3100 | * | congestion |
Asterisk denotes strength of level
01:50 GMT - Consolidating test of the 1.3330, 76.4 Fibonacci retracement, but pressure remains on the upside and see room to further extend bullish break to fresh highs. Higher will see room for extension of the rally from the 1.3000 low to the 1.3400 level. Higher still, will see scope to the 13440 resistance and the 1.3500 congestion. Meanwhile, support is raised to the 1.3266, August high. Break here will open up deeper corrective pullback the 1.3200 congestion then the 1.3142, July 2023 year high. The latter expected to underpin and contain any corrective pullback.