Saw bounce from the 1.3450/1.3438 support as prices unwind the oversold intraday studies to correct the steep drop from the 1.3660 high
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3600 | figure | S1 | 1.3450/38 | * | congestion, 9 Apr low | ||
R3 | 1.3578 | * | 26 Apr low | S2 | 1.3400 | * | congestion | |
R2 | 1.3550 | * | congestion | S3 | 1.3365 | * | 21 Mar low, trendline | |
R1 | 1.3525 | * | Feb high | S4 | 1.3350 | * | congestion |
Asterisk denotes strength of level
02:10 GMT - Saw bounce from the 1.3450/1.3438 support as prices unwind the oversold intraday studies to correct the steep drop from the 1.3660 high of last week. Resistance is at the 1.3525/1.3550 area then the 1.3578 previous low. The latter is expected to cap and limit corrective bounce and lower high sought to further pressure the downside later. Break of the 1.3450/38 support will see room for deeper pullback within the bull channel from the late-December low to the 1.3400 congestion then the 1.3365 support and channel support.