Consolidation above the .6558 low has given way to break above the .6585/.6600 resistance to reverse corrective pullback from the .6650 high
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.6730 | 12 Jan high | S1 | 0.6600 | * | figure | ||
R3 | 0.6675 | * | 61.8% Dec/Apr fall | S2 | 0.6558 | * | 8 May low | |
R2 | 0.6668 | * | Mar high | S3 | 0.6500 | congestion | ||
R1 | 0.6650 | * | 3 May high | S4 | 0.6465 | * | 1 Mar low |
Asterisk denotes strength of level
00:10 GMT - Consolidation above the .6558 low has given way to break above the .6585/.6600 resistance to reverse corrective pullback from the .6650 high. Focus now return to the latter and break here will see extension of gains from the .6362, April YTD low. Higher will target the March high at .6668 then the .6675, 61.8% Fibonacci retracement. Beyond this will see room to the .6700/.6730 area. Meanwhile, support is raised to the .6600 figure then the .6558 low, now seen protecting the downside and sustaining gains from the April low.