Rallies into the Close

• RES 4: 1.2977 0.764 proj of the Mar 8 - May 10 - May 25 price swing
• RES 3: 1.2877 High Apr 25 2022
• RES 2: 1.2849 0.618 proj of the Mar 8 - May 10 - May 25 price swing
• RES 1: 1.2760 High Jun 27
• PRICE: 1.2721 @ 15:33 BST Jun 30
• SUP 1: 1.2591 Low Jun 29
• SUP 2: 1.2545/33 50-day EMA / Trendline drawn from the Mar 8 low
• SUP 3: 1.2433 Low Jun 8
• SUP 4: 1.2369 Low Jun 5 and a key support

The bearish corrective cycle hit pause Friday, with price rallying into the Friday London close. The more over-arching downtrend, however, remains in play after the late June weakness. The pair has breached support at 1.2646, the 20-day EMA. The break of this average signals scope for a deeper pullback and exposes the 50-day EMA, at 1.2545. Note that a trendline support intersects at 1.2533 - drawn from the Mar 8 low. Initial key resistance is 1.2760, the Jun 27 high. The bull trigger is at 1.2849, a Fibonacci projection.