Consolidation above the 1.3600/1.3578 support has given way to sharp break lower to extend losses from the 1.3670 high
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3670 | ** | 16 Apr YTD high | S1 | 1.3500 | figure | ||
R3 | 1.3660 | * | 1 May high | S2 | 1.3450/38 | * | congestion, 9 Apr low | |
R2 | 1.3600 | * | congestion | S3 | 1.3400 | * | congestion | |
R1 | 1.3578 | * | 26 Apr low | S4 | 1.3370 | * | trendline |
Asterisk denotes strength of level
02:10 GMT - Consolidation above the 1.3600/1.3578 support has given way to sharp break lower to extend losses from the 1.3670 high to reach the 1.3550/1.3525 support. Negative daily studies highlights risk for break here to see deeper pullback within the bullish channel from the December low to the 1.3500 level then the 1.3450/38 congestion area. Meanwhile, the previous support at the 1.3578/1.3600 area now reverts to resistance and this should now cap corrective bounce and sustain losses from the 11.3670, YTD high.