Still limited below the 1.3600 level and clear break here is needed to open up deeper pullback from the 1.3670 high
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3800 | * | 28 Nov 2022 high | S1 | 1.3578 | * | 18 Apr low | |
R3 | 1.3750/65 | ** | Oct 2023 year high | S2 | 1.3550 | * | congestion | |
R2 | 1.3700 | * | congestion | S3 | 1.3525 | ** | Feb high | |
R1 | 1.3670 | ** | 16 Apr YTD high | S4 | 1.3450 | * | congestion |
Asterisk denotes strength of level
02:10 GMT - Still limited below the 1.3600 level and clear break here is needed to open up deeper pullback from the 1.3670 high. Prices are unwinding the overbought intraday and daily studies and suggest scope for break here and the 1.3578 low of last week to trigger deeper correction of the strong run-up from the 1.3270, March low. Nearby see strong support at the 1.3550/1.3525 area and break here will see deeper pullback to the 1.3500/1.3450 area. Meanwhile, resistance at the 1.3670 high now expected to cap. Break here, if seen, will turn focus to the 1.3750/65, the October 2023 year highs.