Extending consolidation below the 1.3434 high as prices unwind the overbought daily studies
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3600 | * | congestion | S1 | 1.3312/00 | * | 25 Sep low, 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
02:05 GMT - Extending consolidation below the 1.3434 high as prices unwind the overbought daily studies. Consolidation see support starting at the 1.3312/00 congestion area 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, and see room to the 1.3500 level.