Little change, as prices extending consolidation around the 1.0900 level following bounce from the 1.0875 low
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.1087 | * | Feb 2023 high | S1 | 1.0875 | * | 10 Apr low | |
R3 | 1.1050 | * | Jun high | S2 | 1.0850/30 | * | congestion, Jan high | |
R2 | 1.1000 | * | figure | S3 | 1.0800 | congestion | ||
R1 | 1.0950/55 | * | congestion, 4 Apr high | S4 | 1.0750 | * | congestion |
Asterisk denotes strength of level
06:40 GMT - Little change, as prices extending consolidation around the 1.0900 level following bounce from the 1.0875 low. Daily studies are unwinding overbought readings and suggest scope for break lower to extend pullback from the 1.0955 high to retrace the strong February/April rally. Lower will see room to the 1.0850/1.0830 congestive support then the 1.0800 level. Meanwhile, resistance at the 1.0950/55 highs expected to cap. Would take break here to further extend gains from the February low and see scope to the 1.1000/1.1050, figure and June high.