Consolidation below the 1.0695/1.0700 resistance has given way to break higher to extend gains from the 1.0600 level
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.0885 | * | 9 Apr high | S1 | 1.0650 | congestion | ||
R3 | 1.0800 | * | congestion | S2 | 1.0600 | * | 16 Apr low | |
R2 | 1.0750 | congestion | S3 | 1.0565 | * | congestion, 2 Nov low | ||
R1 | 1.0725 | * | 2 Apr low | S4 | 1.0517 | * | Nov low |
Asterisk denotes strength of level
01:40 GMT - Consolidation below the 1.0695/1.0700 resistance has given way to break higher to extend gains from the 1.0600 level. Prices are unwinding oversold daily studies and suggest room for stronger gains to the 1.0725/50 congestion area. Clearance here, if seen, will open up the 1.0800 level though the bearish structure suggest gains giving way to fresh selling pressure later. Meanwhile, support is raised to the 1.0650 congestion then the 1.0600 low. Below the latter will see room to the 1.0565 support then the 1.0517/00 area.