Bounce at the 1.6218 low see prices unwinding the oversold intraday studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.6562 | 23 Apr high | S1 | 1.6218/00 | * | intraday low, congestion | ||
R3 | 1.6495/00 | * | 30 Apr high, congestion | S2 | 1.6130 | ** | 2 Jan YTD low | |
R2 | 1.6440 | * | congestion | S3 | 1.6100 | * | congestion | |
R1 | 1.6365 | * | 10 Apr low | S4 | 1.6000 | * | 38.2% 2022/2023 rally |
07:10 GMT - Bounce at the 1.6218 low see prices unwinding the oversold intraday studies. Daily chart are stretched as well and highlights scope for bounce to consolidate sharp losses from the 1.6680 high. Bounce see resistance now at the 1.6365 recent low then the 1.6400 level. Regaining these needed to open up stronger bounce to the strong resistance at the 1.6500 level. Lower high sought to further pressure the downside later and break of the 1.6218 low and the 1.6200 level will see room to the 1.6200 congestion. Below this will see scope for retest of the 1.6130, January YTD low.