Breaking higher through the 1.0980 resistance to extend the strong gains from the 1.0570 low of February
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.1100 | * | 61.8% 2022 fall | S1 | 1.0940 | 25 Apr low | ||
R3 | 1.1085 | ** | 20 Feb 2023 year high | S2 | 1.0900 | * | congestion | |
R2 | 1.1050 | * | Jun high | S3 | 1.0855/50 | * | 19 Apr low, congestion | |
R1 | 1.1000 | * | figure | S4 | 1.0800 | * | figure |
Asterisk denotes strength of level
07:20 GMT - Breaking higher through the 1.0980 resistance to extend the strong gains from the 1.0570 low of February. Clearance opens up further extension to target the June high at 1.1050 then the February 2023 high at 1.1085. However, daily studies remains stretched and caution corrective pullback. Meanwhile, support remains at 1.0940 then the 1.0900 level which should underpin and sustain gains from the 1.0855 low of last week. Break will open up deeper pullback to the strong support at the 1.0855/1.0850 area.