Break of the 1.3525 resistance extending bounce from the 1.3450/1.3438 support
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3670 | ** | 16 Apr YTD high | S1 | 1.3525 | * | Feb high | |
R3 | 1.3660 | * | 1 May high | S2 | 1.3500 | * | congestion | |
R2 | 1.3600 | * | congestion | S3 | 1.3450/38 | * | congestion, 9 Apr low | |
R1 | 1.3578 | * | 26 Apr low | S4 | 1.3400 | * | congestion |
Asterisk denotes strength of level
02:00 GMT - Break of the 1.3525 resistance extending bounce from the 1.3450/1.3438 support as prices unwind the oversold intraday and daily studies to correct the steep drop from the 1.3660/70 highs. Follow-through above the 1.3550 resistance clears the way for stronger gains to the 1.3578 low of 26 Apr then the 1.3600 congestion. The latter is expected to cap and limit corrective bounce and lower high sought to further pressure the downside later. Meanwhile, support is raised to the 1.3525/00 area and break here will expose the 1.3450/38 support to retest and see room for deeper pullback to the 1.3400 congestion then the 1.3365 support and channel support.