Close below the 1.3600 level see room for deeper pullback from the 1.3670 high as prices unwind the overbought intraday and daily studies
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3800 | * | 28 Nov 2022 high | S1 | 1.3578 | * | 18 Apr low | |
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 | 1.3450 | * | congestion |
Asterisk denotes strength of level
02:10 GMT - Close below the 1.3600 level see room for deeper pullback from the 1.3670 high as prices unwind the overbought intraday and daily studies. Break here and the 1.3578 low of last week will trigger deeper correction of the strong run-up from the March low at 1.3270. Nearby see strong support at the 1.3550/1.3525 area expected to underpin. Would take break to extend losses to the 1.3500/1.3450 area. Meanwhile, resistance at the 1.3670 high now expected to cap. Break here, if seen, will turn focus to the 1.3750/65, the October 2023 year highs.