Break above the 1.3500 level has seen extension to the 1.3525 resistance
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3600 | * | congestion | S1 | 1.3460/50 | * | 22 May low, congestion | |
R3 | 1.3578 | ** | 61.8%, 26 Apr low | S2 | 1.3420 | * | 16 May low | |
R2 | 1.3545 | * | 50% Apr/May fall | S3 | 1.3400 | * | congestion | |
R1 | 1.3525 | * | Feb high | S4 | 1.3365/50 | * | 21 Mar low, 61.8% |
Asterisk denotes strength of level
01:50 GMT - Break above the 1.3500 level has seen extension to the 1.3525 resistance. Higher still will see scope for stronger gains to retrace the April/May losses and see room to target 1.3545, 50% Fibonacci retracement. However, gains are seen corrective and lower high sought to pressure the downside later with support now at the 1.3460/50 congestion area. Below this will open the 1.3420 low to retest and where break will extend losses from the April YTD high to the 1.3400 level and channel support from the December low at 1.3385. Lower still will see room to the 1.3365/50 congestion and 61.8% Fibonacci level.