Limited on break of the 1.2700 level and rebound at the 1.2675 low see the 1.2760 spike high of last week back in focus
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.2894 | ** | 8 Mar YTD high | S1 | 1.2675 | * | 24 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
01:20 GMT - Limited on break of the 1.2700 level and rebound at the 1.2675 low see the 1.2760 spike high of last week back in focus. Break of the latter will further extend gains from the April YTD low and see scope to the 1.2800/28 resistance. Clearance here will open up the March YTD high at 1.2894 to retest and see scope to extend the broader gains from the October 2023 low. Meanwhile, the 1.2675 low now protecting the downside. Break here, if seen, will see room for deeper pullback to the strong support at 1.2635 then the 1.2600 congestion.