Lower in consolidation from the 1.1030 high
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.1100 | * | 61.8% 2022 fall | S1 | 1.0955/50 | * | 4 Apr high, congestion | |
R3 | 1.1085 | ** | 20 Feb 2023 year high | S2 | 1.0900 | * | congestion | |
R2 | 1.1050 | * | Jun high | S3 | 1.0855 | * | 19 Apr low, 38.2% | |
R1 | 1.1030 | * | 7 May YTD high | S4 | 1.0800 | * | figure |
Asterisk denotes strength of level
06:20 GMT - Lower in consolidation from the 1.1030 high as prices unwind the overbought intraday and daily studies. However, the downside still supported above the 1.0955/50 area. Would take break here to turn focus lower and see deeper pullback to the 1.0900 level then the 1.0855/50 support and 38.2% Fibonacci retracement. Pullback seen corrective and this is expected to give way to buying interest later. Clearing the 1.1030 high will see room for retest of the June high at 1.1050 then the 1.1085, February 2023 year highs.