Lower in range from the 1.1030 high as prices consolidate strong run-up from the 1.0855/1.0850 low of April
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.1175 | * | 26 Oct 2022 high | S1 | 1.0955/50 | * | 4 Apr high, congestion | |
R3 | 1.1100 | * | 61.8% 2022 fall | S2 | 1.0900 | * | congestion | |
R2 | 1.1085 | ** | 20 Feb 2023 year high | S3 | 1.0855 | * | 19 Apr low | |
R1 | 1.1050 | * | Jun high | S4 | 1.0800 | * | figure |
Asterisk denotes strength of level
06:50 GMT - Lower in range from the 1.1030 high as prices consolidate strong run-up from the 1.0855/1.0850 low of April. Bullish structure keeps focus on the upside and further gains not ruled out to target the June high at 1.1050 then the 1.1085, February 2023 year highs. However, the overbought daily and weekly studies caution corrective pullback. Meanwhile, support is raised to the 1.0955/50 area and should underpin and limited immediate pullback. Break here, will turn focus lower and see room for deeper pullback to 1.0900 level then the 1.0855/1.0850 support.