Bounce at the 1.6290 low see prices unwinding the oversold daily studies and correcting steep losses from the 1.6680 high
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.6600 | * | congestion | S1 | 1.6290 | * | 29 Apr low | |
R3 | 1.6500 | * | 24 Apr high | S2 | 1.6260 | 8 Jan low | ||
R2 | 1.6455 | * | congestion | S3 | 1.6200 | * | congestion | |
R1 | 1.6400 | congestion | S4 | 1.6130 | ** | 2 Jan low |
07:20 GMT - Bounce at the 1.6290 low see prices unwinding the oversold daily studies and correcting steep losses from the 1.6680 high and trendline from the August high. Bounce see resistance at the 1.6400 level and clearance here will see room for 1.6455/1.6500 congestion area. Corrective gains seen giving way to selling pressure later and break of the 1.6290 low will see room to the 1.6260 support. Break of the latter will return focus to the 1.6130, January year low. Below the latter will see room to extend losses within the bearish channel from the August 2023 year high.