Consolidation at the 1.0695/1.0700 resistance has given way to break to reach 1.0740 high
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.0885 | * | 9 Apr high | S1 | 1.0700 | * | congestion | |
R3 | 1.0850 | * | congestion | S2 | 1.0650 | congestion | ||
R2 | 1.0800 | * | congestion | S3 | 1.0600 | ** | 16 Apr YTD low | |
R1 | 1.0740 | 25 Apr high | S4 | 1.0565 | * | congestion, 2 Nov low |
Asterisk denotes strength of level
01:35 GMT - Consolidation at the 1.0695/1.0700 resistance has given way to break to reach 1.0740 high. Daily studies remains positive though overbought readings suggest further gains may prove limited towards the 1.0800 level. Also the broad bearish structure from the December high suggest gains are corrective and caution pullback. Meanwhile, support is raised to the 1.0700/1.0680 area. Would take break here to open up the 1.0600 level to retest and see scope for break to extend losses from the December high. Lower will see room to the 1.0565 support then the 1.0517/00 area.