Consolidation above the 1.1100 level has given way to break above the 1.1140 resistance to return focus to the 1.1200 high
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.1400 | * | congestion | S1 | 1.1140 | * | Dec high | |
R3 | 1.1300 | * | figure | S2 | 1.1100 | * | congestion | |
R2 | 1.1275 | ** | Jul 2023 year high, 61.8% | S3 | 1.1050 | * | congestion | |
R1 | 1.1200 | ** | 23, 26 Aug YTD highs | S4 | 1.1000 | ** | figure, 11 Sep low |
Asterisk denotes strength of level
01:45 GMT - Consolidation above the 1.1100 level has given way to break above the 1.1140 resistance to return focus to the 1.1200, August YTD high. Break here, will extend the broader gains from the October 2023 year low and set up scope for retest of the 1.1275, 2023 year high. However, overbought daily studies caution corrective pullback though the downside likely to be well supported at the 1.1140 then the 1.1100/70 area. Only break of the latter will delay bulls and see room for deeper correction to the 1.1050/1.1100 support.