Reach fresh year high at 1.3430 before turning lower as prices unwind the overbought intraday and daily studies
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3600 | * | congestion | S1 | 1.3300 | * | figure, congestion | |
R3 | 1.3550 | * | congestion | S2 | 1.3266/50 | * | Aug high, congestion | |
R2 | 1.3500 | * | congestion | S3 | 1.3200 | * | congestion | |
R1 | 1.3430 | ** | 25 Sep YTD high | S4 | 1.3142 | ** | Jul 2023 year high |
Asterisk denotes strength of level
02:20 GMT - Reach fresh year high at 1.3430 before turning lower as prices unwind the overbought intraday and daily studies. Support is at the 1.3400 level but this is expected to give way under pressure to retrace strong rally from the 1.3000 low and see room to the 1.3266/50 support. Lower still see deeper correction to the 1.3200 level then the strong support at 1.3142, the 2023 year high. Correction is expected to give way to renewed buying interest later and where break of the 1.3430 high will further extend the broader gains from the 1.0350, 2022 all-time low.