Remains below the 1.1200/14 highs as prices consolidate gains from the 1.1000 level
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 - Remains below the 1.1200/14 highs as prices consolidate gains from the 1.1000 level. Daily studies are unwinding overbought readings but support at the 1.1120/00 area protecting the downside. Would take break here 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. Clearance here will extend the broader gains from the October 2023 year low and see scope to retest strong resistance at the 1.1275, 2023 year high and 61.8% Fibonacci retracement.