Break of the 1.0750 resistance has seen rally to reach the 1.0800 level before settling into consolidation
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.0900 | congestion | S1 | 1.0750 | * | break level | ||
R3 | 1.0885 | * | 9 Apr high | S2 | 1.0725 | 2 Apr low | ||
R2 | 1.0850 | * | congestion | S3 | 1.0700/95 | * | congestion, Feb low | |
R1 | 1.0800/12 | * | congestion, 3 May high | S4 | 1.0650 | * | 1 May low |
Asterisk denotes strength of level
01:40 GMT - Break of the 1.0750 resistance has seen rally to reach the 1.0800 level before settling into consolidation to unwind the overbought intraday studies. Daily studies are stretched as well but consolidation here expected to give way to further gains later. Clearance will see room for extension to the 1.0850 congestion then the 1.0885/1.0900 resistance. Meanwhile, support is raised to the 1.0750/25 area and this should now underpin immediate pullback and sustain bullish gains from the 1.0650/1.0600 lows.