Extending gains and break above the 1.0950 resistance and follow-through above the 1.1000 level see room to target the June high at 1.1050
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
06:25 GMT - Extending gains and break above the 1.0950 resistance and follow-through above the 1.1000 level see room to target the June high at 1.1050. Beyond this will see scope to the February 2023 high at 1.1085 and the 1.1100, 61.8% Fibonacci level. Deep overbought daily and weekly studies caution corrective pullback and suggest reaction at the latter likely. Meanwhile, support is raised to the 1.0955/50 area and this should underpin and limited immediate pullback. Break here will see room for deeper pullback to the 1.0900 level then the 1.0855/1.0850 support.