Pressure remains on the upside with gains edging to fresh year high at 1.3434
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3600 | * | congestion | S1 | 1.3300 | * | figure, congestion | |
R3 | 1.3550 | * | congestion | S2 | 1.3266 | * | Aug high | |
R2 | 1.3500 | * | congestion | S3 | 1.3200 | * | congestion | |
R1 | 1.3434 | ** | 26 Sep YTD high | S4 | 1.3142 | ** | Jul 2023 year high |
Asterisk denotes strength of level
01:50 GMT - Pressure remains on the upside with gains edging to fresh year high at 1.3434. However, the overbought daily studies suggest further gains limited for now and consolidation below here expected. Support is at the 1.3300 level then the 1.3266, August high. Would take break of the latter to open up deeper pullback to retrace strong rally from the 1.3000 low and see room 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 further extend the broader gains from the 1.0350, 2022 all-time low.