Higher in consolidation from the 1.0855 low of last week as prices unwind the oversold intraday studies
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.1050 | * | Jun high | S1 | 1.0850/30 | * | congestion, Jan high | |
R3 | 1.1000 | * | figure | S2 | 1.0800 | * | congestion, 38.2% | |
R2 | 1.0950/55 | * | congestion, 4 Apr high | S3 | 1.0750 | * | congestion | |
R1 | 1.0920 | 15 Apr high | S4 | 1.0720/00 | * | 61.8%, congestion |
Asterisk denotes strength of level
06:50 GMT - Higher in consolidation from the 1.0855 low of last week as prices unwind the oversold intraday studies. Mixed daily stydies suggest this giving way to fresh selling pressure later and break of the 1.0850/30 will see room to the 1.0800 level. Below this will open up deeper pullback to retrace the February/April rally and see scope to the 1.0750 congestion then 1.0720/00 area. Meanwhile, resistance at 1.0920 then the 1.0950/55 highs area expected to cap. Would take break here to further extend gains from the February low to the 1.1000/1.1050, figure and June high.