Little change, as prices extend consolidation above the 7.2340 support
Level | Imp | Comment | Level | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 7.3105 | * | 13 Nov high | S1 | 7.2340 | * | 14 Feb high | |
R3 | 7.3000 | * | congestion | S2 | 7.2200 | * | 28 Feb high | |
R2 | 7.2830 | ** | 16 Apr YTD high | S3 | 7.2000 | * | congestion | |
R1 | 7.2700 | * | trendline | S4 | 7.1810 | 21 Feb low |
05:40 GMT - Little change, as prices extend consolidation above the 7.2340 support following rejection from the 7.2830 high. Further choppy trade likely though daily studies are still unwinding overbought readings and suggest scope for eventual break lower to confirm a double top at the 7.2820/30 highs. Lower will see room to the support at 7.2200 level then the 7.2000 congestive support. Meanwhile, resistance remains at the trendline from the September high at the 7.2700 level and this should now cap and sustain losses from the 7.2830 high.