Break above the 11.7850 resistance has seen extension to fresh high at 11.8700 ahead of pullback to unwind the overbought intraday studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 11.9500 | congestion | S1 | 11.7500 | 30 Apr low | |||
R3 | 11.9250 | * | trendline | S2 | 11.7000 | * | congestion | |
R2 | 11.9000 | * | congestion | S3 | 11.6500 | * | 24 Apr low | |
R1 | 11.8700 | * | Dec high | S4 | 11.6000 | * | congestion, 38.2% |
Asterisk denotes strength of level
07:00 GMT - Break above the 11.7850 resistance has seen extension to fresh high at 11.8700 ahead of pullback to unwind the overbought intraday studies. Divergence on the daily studies highlight risk for deeper pullback from the latter to correct strong gains from the late-December low to the 11.7500 level then the 1.7000 congestion. Lower still, will see scope to 11.6500 then the 11.6000 figure and 38.2% Fibonacci retracement. Meanwhile, resistance at the 11.8700 high now expected to cap. Break here, if seen, will see scope to the 11.9250 trendline resistance from May 2023 year high.