No follow-through on break of the 1.1200 level with rejection from the 1.1214 fresh year high threatening deeper pullback
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 - No follow-through on break of the 1.1200 level with rejection from the 1.1214 fresh year high threatening deeper pullback to retrace gains from the 1.1000 low. Prices are unwinding overbought intraday and daily studies and break the 1.1150/40 support see room to the 1.1100 congestion. Lower still will see scope to 1.1070/50 area. Corrective pullback expected to give way to renewed strength later for retest of the 1.1200/14 high. Clearance here will extend the broader gains from the October 2023 year low and see scope to retest the 1.1275, 2023 year high.