Settling back from test of 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 - Settling back from test of the 1.3525 resistance as prices unwind the overbought intraday studies. Further gains, if seen, will see room to extend gains to retrace the April/May losses 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 see room to 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.