Consolidation below the 1.1200 level has given way to pullback as prices unwind the overbought intraday and daily studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.1400 | * | congestion | S1 | 1.1100 | * | congestion | |
R3 | 1.1275 | ** | Jul 2023 year high, 61.8% | S2 | 1.1050 | * | congestion | |
R2 | 1.1200 | ** | 23, 26 Aug YTD highs | S3 | 1.1000 | ** | figure, 11 Sep low | |
R1 | 1.1140 | * | Dec high | S4 | 1.0950 | * | Jul high |
Asterisk denotes strength of level
01:45 GMT - Consolidation below the 1.1200 level has given way to pullback as prices unwind the overbought intraday and daily studies. Clear break of the 1.1100 level will see room for deeper pullback to the 1.1050 congestion then the 1.1000 higher low. Failure here will weaken and see deeper pullback to retrace gains from the 1.0777, August low. Meanwhile, resistance is lowered to the 1.1140 high of December. Would need to regain this to expose the 1.1200 high to retest and see room to extend the broader gains from the October 2023 low and turn focus to the 1.1275, July 2023 year high.