Pressure return to the downside after corrective bounce from the 1.6218 low was checked at the 1.6365/1.6400 resistance
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.6495/00 | * | 30 Apr high, congestion | S1 | 1.6218 | * | 7 May low | |
R3 | 1.6440 | * | Mar low | S2 | 1.6130 | ** | 2 Jan YTD low | |
R2 | 1.6400 | congestion | S3 | 1.6100 | * | congestion | ||
R1 | 1.6365 | * | 10 Apr low | S4 | 1.6000 | * | 38.2% 2022/2023 rally |
06:15 GMT - Pressure return to the downside after corrective bounce from the 1.6218 low was checked at the 1.6365/1.6400 resistance. Break of the 1.6300 level leaves the way open for retest of the 1.6218 low and see scope to extend losses from the 1.6745, March YTD high. Below this and the 1.6200 level will expose the January YTD low at 1.6130 to retest. Lower will see room to retrace the 2022/2023 gains to the 1.6000 level and 38.2% Fibonacci retracement. Meanwhile, resistance at the 1.6365/1.6400 area now expected to cap and limit corrective bounce.