Extending bounce from the 1.6218 low to consolidate drop from the 1.6680 high
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.6562 | 23 Apr high | S1 | 1.6300 | congestion | |||
R3 | 1.6495/00 | * | 30 Apr high, congestion | S2 | 1.6218 | * | 7 May low | |
R2 | 1.6440 | * | congestion | S3 | 1.6130 | ** | 2 Jan YTD low | |
R1 | 1.6365 | * | 10 Apr low | S4 | 1.6100 | * | congestion |
06:45 GMT - Extending bounce from the 1.6218 low as prices unwind the oversold intraday studies. Daily chart are stretched as well and see scope for stronger gains to retrace losses from the 1.6680, April high. Resistance is at the 1.6365 previous low then the 1.6400 level. Gains above here will open up stronger bounce to the strong resistance at the 1.6500 level. Corrective gains expected to give way to selling pressure later and break of the 1.6300 level and 1.6218 low will see room to the 1.6200 congestion. Below the latter will see scope for retest of the 1.6130, January YTD low.