Corrective gains to approach strong resistance at the 1.3578, low of 26 April, has given way to pullback to retest the 1.3525 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
02:20 GMT - Corrective gains to approach strong resistance at the 1.3578, low of 26 April, has given way to pullback to retest the 1.3525 support. Consolidation here see prices unwind oversold intraday studies but this is expected give way to fresh selling pressure later. Break here and the 1.3500 level will expose the 1.3450/38 support to retest. Below this see room for deeper pullback to the 1.3400 congestion then the 1.3365 support and the channel from the December low. Meanwhile, resistance at the 1.3550/1.3578 area now expected cap and limited corrective bounce.