Rally through the 1.0950/55 highs extend strong gains from the February low at 1.0570 to reached the 1.0980/1.1000 resistance
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.1085 | ** | 20 Feb 2023 year high | S1 | 1.0900 | * | congestion | |
R3 | 1.1050 | * | Jun high | S2 | 1.0855/50 | * | 19 Apr low, congestion | |
R2 | 1.1000 | * | figure | S3 | 1.0800 | * | figure | |
R1 | 1.0980 | * | 50% 2022 losses | S4 | 1.0750 | * | congestion |
Asterisk denotes strength of level
06:45 GMT - Rally through the 1.0950/55 highs extend strong gains from the February low at 1.0570 to reached the 1.0980/1.1000, 50% Fibonacci level and resistance. Consolidation here see prices unwinding overbought intraday studies though the positive daily studies suggest scope for break later to open up further extension to the June high at 1.1050. Beyond this will see room for retest of 1.1085, the February 2023 year high. Meanwhile, support remains at 1.0900 level should underpin and sustain gains from the 1.0855 low of last week.