Retracing all the gains from the Monday's low to pressure the 1.3600/1.3595 area
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3800 | * | 28 Nov 2022 high | S1 | 1.3600 | * | congestion | |
R3 | 1.3750/65 | ** | Oct 2023 year high | S2 | 1.3550 | * | congestion | |
R2 | 1.3700 | * | congestion | S3 | 1.3525 | ** | Feb high | |
R1 | 1.3670 | ** | 16 Apr YTD high | S4 | 1.3500 | * | congestion |
Asterisk denotes strength of level
02:05 GMT - Retracing all the gains from the Monday's low to pressure the 1.3600/1.3595 area. The daily studies are now unwinding overbought readings and suggest scope for pullback to retrace the strong gains from the 1.3270, March low. Lower will see room to the strong support at the 1.3550/25, recent highs. Would take break here to weaken and open up deeper pullback to the 1.3450 congestion. Meanwhile, resistance at the 1.3650/70 highs now expected to cap. Break here, if seen, will open up room to the 1.3700 level. Beyond this, but not seen for now, will shift focus to the 1.3750/1.3765, October 2023 year highs.