Break of the 1.2700 level extending pullback from the 1.2760 spike high
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.2894 | ** | 8 Mar YTD high | S1 | 1.2685 | 23 May low | ||
R3 | 1.2828 | Dec high | S2 | 1.2635 | * | 3 May high | ||
R2 | 1.2803 | * | 21 Mar high | S3 | 1.2600 | * | congestion | |
R1 | 1.2760 | * | 22 May high | S4 | 1.2570 | * | 29 Apr high |
Asterisk denotes strength of level
01:40 GMT - Break of the 1.2700 level extending pullback from the 1.2760 spike high as prices unwind the overbought intraday and daily studies. Lower will see room for deeper pullback to retrace the strong run-up from the 1.2450, May low. Below the 1.2685 low will see room to the strong support at 1.2635 then the 1.2600 congestion. The latter expected to underpin and sustain the broader gains from the April low. Corrective pullback expected to give way to fresh buying interest later and break above 1.2760 high will see room to target the 1.2800/1.2828 area. Beyond this will shift focus to the 1.2894, March YTD high.