No follow-through on break above the trendline from the September high at the 7.2700 level
Level | Imp | Comment | Level | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 7.3105 | * | 13 Nov high | S1 | 7.2500 | congestion | ||
R3 | 7.3000 | * | congestion | S2 | 7.2340 | * | 14 Feb high | |
R2 | 7.2820 | ** | 25 Mar YTD high | S3 | 7.2200 | * | 28 Feb high | |
R1 | 7.2700 | * | trendline | S4 | 7.2000 | * | congestion |
05:15 GMT - No follow-through on break above the trendline from the September high at the 7.2700 level following rejection at the 7.2820, Mar high. Overbought daily studies suggest this giving way to rotation lower in consolidation though the bullish structure from the late-December low suggest potential for break later. Meanwhile, support is raised to the 7.2500 level then the 7.2340 February high. The latter now underpin and break here needed to fade the upside pressure and open up deeper pullback to retrace gains from the late-December low.