Bounce at the 1.0855/50 support has seen rally through the 1.0950/55 highs
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
06:35 GMT - Bounce at the 1.0855/50 support has seen rally through the 1.0950/55 highs to extend strong gains from the 1.0570, February low. Gains has reached the 1.0980/1.1000, 50% Fibonacci level and resistance. Positive daily studies suggest scope for break here to open up the 1.1050 and 1.1085, June and then the February 2023 year high to retest. Test of this area expected to give way to consolidation. Meanwhile, support remains at 1.0900 level should underpin and sustain gains from the 1.0855 low of last week.