Edging lower from the 1.1090 high as prices unwind overbought daily studies
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.1175 | * | 26 Oct 2022 high | S1 | 1.1000 | * | congestion | |
R3 | 1.1155 | ** | 17 Jul YTD high | S2 | 1.0975 | * | 9 Oct low | |
R2 | 1.1100 | * | congestion, 61.8% | S3 | 1.0950/45 | ** | congestion, Sep high | |
R1 | 1.1050/55 | * | congestion, 16 Aug high | S4 | 1.0900 | * | congestion |
Asterisk denotes strength of level
06:30 GMT - Edging lower from the 1.1090 high as prices unwind overbought daily studies. Break of the 1.1030 support see room for deeper correction to the 1.1000/1.0975 congestion and the low of last week which is expected to underpin. Failure here will open up deeper pullback to the strong support at the 1.0950/45 congestion. Higher low sought to further pressure the upside later for retest of the 1.1050/55 resistance then the 1.1090/1.1100 high and 61.8% Fibonacci level. Clearance here will open up the July YTD high at 1.1155 to retest.