No follow-through on break of the 1.3600 level with rebound from the 1.3578 low returning focus to the 1.3670 high
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3800 | * | 28 Nov 2022 high | S1 | 1.3600 | * | congestion | |
R3 | 1.3750/65 | ** | Oct 2023 year high | S2 | 1.3578 | * | 18 Apr low | |
R2 | 1.3700 | * | congestion | S3 | 1.3550 | * | congestion | |
R1 | 1.3670 | ** | 16 Apr YTD high | S4 | 1.3525 | ** | Feb high |
Asterisk denotes strength of level
02:25 GMT - No follow-through on break of the 1.3600 level with rebound from the 1.3578 low returning focus to the 1.3670 high. Bullish structure suggest scope for break here despite the overbought daily studies. Clearance will open up room to the 1.3700 level. Gains beyond this will shift focus to the 1.3750/1.3765, October 2023 year highs. Meanwhile, support remains at the 1.3600 level then the 1.3578 pullback low. This area should now underpin and only failure here, but not expected, will open up deeper pullback to the strong support at the 1.3550/1.3525 area.