Settled back in consolidation from the 1.1214 fresh year high with overbought daily studies suggesting further ranging action here
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.1400 | * | congestion | S1 | 1.1100 | * | figure | |
R3 | 1.1300 | * | figure | S2 | 1.1050 | * | congestion | |
R2 | 1.1275 | ** | Jul 2023 year high, 61.8% | S3 | 1.1000 | ** | figure, 11 Sep low | |
R1 | 1.1200/14 | ** | Aug, 25 Sep YTD highs | S4 | 1.0950 | * | Jul high |
Asterisk denotes strength of level
01:45 GMT - Settled back in consolidation from the 1.1214 fresh year high with overbought daily studies suggesting further ranging action here before scope seen for break higher. Clear break of the 1.1140 support will see room for deeper pullback to the 1.1100 congestion. Break here is needed to open up deeper correction to the 1.1070/50 area. Corrective pullback expected to give way to renewed strength later for retest of the 1.1200/14 high and where clearance will extend the broader gains from the October 2023 year low and see scope to retest the 1.1275, 2023 year high.