Consolidation below the 1.1200/14 highs has given way to selling pressure to break the 1.1100 level
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.1275 | ** | Jul 2023 year high, 61.8% | S1 | 1.1050 | * | congestion | |
R3 | 1.1200/14 | ** | Aug, 25 Sep YTD highs | S2 | 1.1000 | ** | figure, Sep low | |
R2 | 1.1140 | * | Dec high | S3 | 1.0950 | * | Jul high | |
R1 | 1.1100 | * | congestion | S4 | 1.0915 | * | Jun high |
Asterisk denotes strength of level
01:50 GMT - Consolidation below the 1.1200/14 highs has given way to selling pressure to break the 1.1100 level to reach support at the 1.1050 congestion. Daily studies are unwinding overbought readings and threatens deeper pullback to strong support at the 1.1000 figure and September low which is expected to underpin. Break here will trigger a double top at the 1.1200/14 highs and see room for extension to the 1.0950/15 support. Meanwhile, resistance is lowered to the 1.1100 level which is expected to cap and sustain losses from the 1.1200/14 highs.