Rejection from the 1.6455/1.6500 resistance see pressure returning to the downside to retest the 1.6300/1.6290 congestion and April low
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.6495/00 | * | 30 Apr high, congestion | S1 | 1.6290 | * | 29 Apr low | |
R3 | 1.6455 | * | congestion | S2 | 1.6200 | * | congestion | |
R2 | 1.6400 | figure | S3 | 1.6130 | ** | 2 Jan YTD low | ||
R1 | 1.6365 | 10 Apr low | S4 | 1.6000 | * | 38.2% 2022/2023 rally |
06:40 GMT - Rejection from the 1.6455/1.6500 resistance see pressure returning to the downside to retest the 1.6300/1.6290 congestion and April low. Break here will extend losses within the bear channel from the August high and see room to the 1.6200 congestion. Lower still see see room for retest of the 1.6130, January YTD low. Break here will extend the broader losses from the August 2023 year high. Meanwhile, resistance is lowered to the 1.6365/1.6400 area which is now expected to cap and sustain losses from the 1.6680, April high.