Bounce from the 1.6365/50 support to regain the 1.6500 level see room for stronger bounce to retrace losses from the 1.6745, March YTD high
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.6745 | ** | 5 Mar YTD high | S1 | 1.6365 | * | 10 Apr low, 61.8% | |
R3 | 1.6680 | * | 19 Mar high, channel | S2 | 1.6350 | * | 30 Jan low | |
R2 | 1.6600 | * | congestion | S3 | 1.6320 | * | Sep low | |
R1 | 1.6515 | 10 Apr high | S4 | 1.6260 | 8 Jan low |
07:10 GMT - Bounce from the 1.6365/50 support to regain the 1.6500 level see room for stronger bounce to retrace losses from the 1.6745, March YTD high. Focus now return to the 1.6600 level and clearance here will expose the 1.6680 and 1.6745 highs to retest. However, the latter expected to cap and lower high sought to further pressure the downside later. Meanwhile, support is raised to the 1.6400/1.6375 area and break here will further retrace the January/March gains. Lower will see room to the strong support at the 1.6320/00 area.