Remains in consolidation below the 1.3670 high with choppy trade unwinding the overbought daily studies
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3800 | * | 28 Nov 2022 high | S1 | 1.3600 | * | congestion | |
R3 | 1.3750/65 | ** | Oct 2023 year high | S2 | 1.3578 | * | 18 Apr low | |
R2 | 1.3700 | * | congestion | S3 | 1.3550 | * | congestion | |
R1 | 1.3670 | ** | 16 Apr YTD high | S4 | 1.3525 | ** | Feb high |
Asterisk denotes strength of level
02:20 GMT - Remains in consolidation below the 1.3670 high with choppy trade unwinding the overbought daily studies. Bullish structure suggest scope for break higher and clearance will open up room to the 1.3700 level. Gains beyond this will shift focus to the 1.3750/1.3765, October 2023 year highs. Meanwhile, support remains at the 1.3600 level then the 1.3578 pullback low. This area should now underpin and limit corrective pullback. Only failure here will open up deeper correction to the strong support at the 1.3550/1.3525, previous highs.