Edging higher in consolidation from the 1.2700 low as prices unwind the oversold daily studies
Level | Comment | Level | Comment | ||||
---|---|---|---|---|---|---|---|
R4 | 1.2940 | ** | Jun high | S1 | 1.2700 | ** | 1 Jul YTD low |
R3 | 1.2860 | * | 5 May low | S2 | 1.2676 | * | Oct 2014 low |
R2 | 1.2800 | * | 26 May low | S3 | 1.2600 | * | congestion |
R1 | 1.2763 | * | 12 Jun low | S4 | 1.2550 | * | congestion, Aug 2014 high |
Asterisk denotes strength of level
02:35 GMT - Edging higher in consolidation from the 1.2700 low as prices unwind the oversold daily studies. Resistance is at the 1.2763/1.2800 previous lows and congestion area. Would take break here to fade the downside pressure and see room for stronger corrective bounce to retrace losses from the 1.3550, April high. Break will open up room to the 1.2860/1.2900 congestion and 1.2940, June high. Meanwhile, support at the 1.2700 level should underpin. Break here will further extend losses from the multi-year top pattern at 1.4646, 2020 year high.