Pressure remains on the upside to retest the 4.7925/4.7975, 2023 and February YTD highs
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 4.8800 | ** | 7 Jan 1998 all-time high | S1 | 4.7600 | * | congestion | |
R3 | 4.8550 | * | 8 Jan 1998 high | S2 | 4.7200 | * | 22 Mar high, congestion | |
R2 | 4.8000 | * | figure | S3 | 4.7400 | * | congestion | |
R1 | 4.7975 | ** | 20 Feb YTD high | S4 | 4.7000 | * | figure |
05:50 GMT - Pressure remains on the upside to extend gains from the 4.6750 March low to retest the 4.7925/4.7975, 2023 and February YTD highs. Break here and the 4.8000 figure, if seen, will shift focus to the 1998 January highs at 4.8550 then the 4.8800, 7 Jan 1998 all-time high. However, overbought daily studies caution corrective pullback to unwind overbought readings. Meanwhile, support is raised to the 4.7600 congestion now expected to underpin. Break here needed to open up deeper correction of the strong run-up from the March low.