No follow-through on break above the 4.3080 resistance as prices consolidate strong run-up from the 4.1000, September low
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 4.3790 | * | Sep high | S1 | 4.2720 | * | 19 Sep high | |
R3 | 4.3660 | * | 38.2% Feb/Sep fall | S2 | 4.2350 | * | 4 Oct high | |
R2 | 4.3120 | * | 15 Oct high | S3 | 4.2250 | ** | 2023 year low | |
R1 | 4.3080 | * | Aug low | S4 | 4.2000 | * | figure |
Asterisk denotes strength of level
03:15 GMT - No follow-through on break above the 4.3080 resistance as prices consolidate strong run-up from the 4.1000, September low. Pullback see prices unwinding the overbought intraday and daily studies. A later break above the 4.3080/4.3120 area will further correct the steep drop from the February YTD high and see room to the 4.3660, 38.2% Fibonacci retracement. Meanwhile, support at the 4.2720, the 19 September high, expected to underpin. Below here will see deeper pullback to the strong support at the 4.2350/4.2250 area.