Sharp gains from the 1.2300 low reached the 1.2470/85 resistance
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 lows | S3 | 1.2300 | ** | 22 Apr YTD low | |
R1 | 1.2485 | 18 Apr high | S4 | 1.2261 | 14 Nov low |
Asterisk denotes strength of level
01:45 GMT - Sharp gains from the 1.2300 low reached the 1.2470/85 resistance and pause here see prices unwinding the overbought intraday studies. However, the daily studies are still tracking higher and suggest scope for stronger bounce to the 1.2500/18 area and 1.2540 resistance. However, gains are seen corrective and expected to give way to selling pressure later. Meanwhile, support is raised to the 1.2405/00 area and this now underpin. A later break will open up the 1.2337 support then the 1.2300 low to retest. Below this will see room to the 1.2261 support and 1.2200 congestion.