Break above the 1.2400 level extending gains from the 1.2300 low as prices unwind the deep oversold daily studies
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.2600 | * | congestion | S1 | 1.2405 | * | 16 Apr low | |
R3 | 1.2540 | * | 1 Apr low | S2 | 1.2337 | * | Oct high | |
R2 | 1.2500/18 | ** | Dec/Feb highs | S3 | 1.2300 | ** | 22 Apr YTD low | |
R1 | 1.2485 | * | 18 Apr high | S4 | 1.2261 | 14 Nov low |
Asterisk denotes strength of level
01:55 GMT - Break above the 1.2400 level extending gains from the 1.2300 low as prices unwind the deep oversold daily studies. Higher will see scope for stronger bounce to the 1.2485 resistance and the 1.2500/18 area. However, gains are seen corrective and expected to give way to selling pressure later. Meanwhile, support is raised to the 1.2405/00 area. Would take break here to open up the 1.2337 support then the 1.2300 low to retest. Below this will see room to extend losses from the March YTD high and see room to the 1.2261 support and 1.2200 congestion.