Consolidation below the 1.3434 high has given way to selling pressure
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3550 | * | congestion | S1 | 1.3266 | * | Aug high | |
R3 | 1.3500 | * | congestion | S2 | 1.3200 | * | congestion | |
R2 | 1.3434 | ** | 26 Sep YTD high | S3 | 1.3142 | ** | Jul 2023 year high | |
R1 | 1.3350 | * | congestion | S4 | 1.3100 | * | congestion |
Asterisk denotes strength of level
02:10 GMT - Consolidation below the 1.3434 high has given way to selling pressure as prices unwind the overbought daily studies. Break of the 1.3300 level has seen extension to test support at the 1.3266, August high. Would take break here to open up deeper pullback to retrace strong gains from the 1.3000 low and see room to the 1.3200 level then the strong support at 1.3142, the 2023 year high, which is expected to underpin. Failure here will see room for deeper pullback to strong support at the 1.3045/1.3000 area. Meanwhile, resistance is lowered to 1.3350 ahead of the 1.3434 high.