No follow-through on break of the 1.3600 level with bounce from the 1.3578 support further extend consolidation below the 1.3670 high
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 - No follow-through on break of the 1.3600 level with bounce from the 1.3578 support further extend consolidation below the 1.3670 high. While the latter caps, scope is seen for deeper pullback to correct the strong run-up from the March low at 1.3270. Break of the 1.3578 support will see room to the strong support at the 1.3550/1.3525 area which is expected to underpin. Would take break to extend losses to the 1.3500/1.3450 area. Meanwhile, resistance at the 1.3670 high expected to cap while break will turn focus to the 1.3750/65, the October 2023 year highs.