Little change, as prices extend consolidation below the 1.0750 congestion
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 | 1.0750 | congestion | S4 | 1.0565 | * | congestion, 2 Nov low |
Asterisk denotes strength of level
01:45 GMT - Little change, as prices extend consolidation below the 1.0750 congestion to unwind the overbought intraday studies. However, further gains not ruled out and higher should see resistance at the 1.0800 level capping. The broad bearish structure from the December high suggest corrective gains giving way to selling pressure later. Meanwhile, support is raised to the 1.0700/1.0680 area and where break is needed to open up the 1.0600 low 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.