Consolidation at the 1.0900 level has given way to fresh selling pressure to extend pullback from the 1.0955 high
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.1050 | * | Jun high | S1 | 1.0850/30 | * | congestion, Jan high | |
R3 | 1.1000 | * | figure | S2 | 1.0800 | * | congestion, 38.2% | |
R2 | 1.0950/55 | * | congestion, 4 Apr high | S3 | 1.0750 | * | congestion | |
R1 | 1.0920 | 15 Apr high | S4 | 1.0720/00 | * | 61.8%, congestion |
Asterisk denotes strength of level
06:10 GMT - Consolidation at the 1.0900 level has given way to fresh selling pressure to extend pullback from the 1.0955 high as daily studies unwind overbought readings. Break of the 1.0875 low see room for deeper pullback to retrace the strong February/April rally and see room to the 1.0850/1.0830 congestive support then the 1.0800 level. Below this will see deeper pullback to 1.0750 then 1.0720/00 area. Meanwhile, resistance at 1.0920 then the 1.0950/55 highs area expected to cap. Would take break here to further extend gains from the February low to the 1.1000/1.1050, figure and June high.