Turning higher in consolidation to retest the 1.0980 resistance and break here will extend the strong gains from the February low
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.1085 | ** | 20 Feb 2023 year high | S1 | 1.0940 | 25 Apr low | ||
R3 | 1.1050 | * | Jun high | S2 | 1.0900 | * | congestion | |
R2 | 1.1000 | * | figure | S3 | 1.0855/50 | * | 19 Apr low, congestion | |
R1 | 1.0980 | * | 50% 2022 losses | S4 | 1.0800 | * | figure |
Asterisk denotes strength of level
07:20 GMT - Turning higher in consolidation to retest the 1.0980 resistance and break here will extend the strong gains from the February low at 1.0570. Break of the 1.0980/1.1000, 50% Fibonacci level and resistance, with open up further extension to target the June high at 1.1050. Beyond this will see room for retest of 1.1085, the February 2023 year high. However, daily studies remains stretched and caution corrective pullback. Meanwhile, support is raised to 1.0940 then the 1.0900 level which should underpin and sustain gains from the 1.0855 low of last week.