Consolidating test of the 1.1070 high but pressure remains on the upside
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.1150 | * | Jul 2024 high | S1 | 1.1000 | * | congestion | |
R3 | 1.1100 | * | congestion | S2 | 1.0990 | * | Jul high | |
R2 | 1.1090 | * | upper channel | S3 | 1.0930 | * | congestion, Dec low | |
R1 | 1.1068 | * | 20 Aug high | S4 | 1.0900 | ** | congestion |
Asterisk denotes strength of level
07:15 GMT - Consolidating test of the 1.1070 high but pressure remains on the upside and break here will further extend gains within the equidistant channel from the 1.0650, April current year low. Higher still, will see room to target 1.1090 channel resistance and the 1.1100 level where reaction can be expected as daily and weekly studies extend into overbought areas. Meanwhile, support at the 1.1000/1.0990 congestion and July high, is expected to underpin. Break here will fade the upside pressure and see room for corrective pullback to 1.0930/00 support.