Edged higher in consolidation at the 1.3045 support to reach the 1.3100 level
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3266 | ** | Aug high | S1 | 1.3045 | ** | Jul high | |
R3 | 1.3200 | * | congestion | S2 | 1.3000 | ** | Sep low, 38.2% | |
R2 | 1.3142 | * | Jul 2023 year high | S3 | 1.2950 | * | congestion | |
R1 | 1.3100 | * | congestion | S4 | 1.2900/95 | ** | congestion, Mar high |
Asterisk denotes strength of level
01:50 GMT - Edged higher in consolidation at the 1.3045 support to reach the 1.3100 level as prices unwind the oversold intraday and daily studies. Higher will see room for stronger bounce to resistance at 1.3142, the 2023 year high. Break above the latter will fade the downside pressure and see scope for stronger bounce to the 1.3200 level then the 1.3266 resistance. Meanwhile, strong support at the 1.3045/1.3000 area should underpin and keep selling pressure in check. Break will open up deeper pullback to retrace the April/September rally and see room to 1.2950/1.2900 area.