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Recovering Well Off Lows

  • RES 4: 144.20 High Jul 7
  • RES 3: 143.01 High Jul 10
  • RES 2: 141.68 20-day EMA
  • RES 1: 140.39 High Jul 20
  • PRICE: 140.38 @ 16:18 BST Jul 20
  • SUP 1: 137.25 Low Jul 14
  • SUP 2: 136.57 4.0% 10-dma envelope
  • SUP 3: 136.31 Low May 17
  • SUP 4: 135.53 61.8% retracement of the Mar 24 - Jun 30 bull leg

The pair trades well through the London close, benefiting from the generally stronger USD backdrop. Prices touched new daily and weekly highs to equal the July 12 (US CPI day) high at 140.39. This puts prices just shy of first key level on the upside at the 140.52 50-dma. A break above here would see 141.16 come into view, the 50% retracement for the reversal off the early July high. Any return lower would open 136.57, the lower band of a moving average envelope.

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