Turned up in consolidation from the 1.2300 low as prices unwind the deep oversold intraday studies
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.2540 | * | 1 Apr low | S1 | 1.2337 | * | Oct high | |
R3 | 1.2500/18 | ** | Dec/Feb lows | S2 | 1.2300 | ** | 22 Apr YTD low | |
R2 | 1.2485 | * | 18 Apr high | S3 | 1.2261 | 14 Nov low | ||
R1 | 1.2400 | * | congestion | S4 | 1.2200 | * | congestion |
Asterisk denotes strength of level
01:50 GMT - Turned up in consolidation from the 1.2300 low as prices unwind the deep oversold intraday studies. Daily studies are stretched as well and suggest scope for stronger bounce with resistance lowered to congestion at the 1.2400 level. Regaining this will see room to the 1.2485 and 1.2500/18 resistance area. Correction seen giving way to selling pressure later and lower high sought for retest of the 1.2337 support then the 1.2300 low. Below this will see room to extend losses from the March YTD high and see room for extension to the 1.2261 support then the 1.2200 congestion.