Lower in consolidation from the 7.2830 high to retest the 7.2340 support and trendline from the late-December low
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 | 7.2740 | * | 24 Apr high | S4 | 7.1720 | * | Mar low |
05:30 GMT - Lower in consolidation from the 7.2830 high to retest the 7.2340 support and trendline from the 7.0875, late-December low. Mixed daily studies suggest further choppy trade above the 7.2340 support though scope is for eventual break to see deeper pullback to retrace gains from the December low. Lower will see room to the strong support at the 7.2200/7.2000 area. Meanwhile, resistance is at the 7.2700/40 highs and break here needed to expose the 7.2830 YTD high to retest. Above the latter, but not expected, will see scope to the 7.3000 congestion and 7.3105, 13 November high.