Sharply lower to extend break of the 7.2340 support and trendline from the late-December low
Level | Imp | Comment | Level | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 7.2600 | * | congestion | S1 | 7.1810 | Feb low | ||
R3 | 7.2415 | * | 18 Apr low | S2 | 7.1720 | * | Mar low | |
R2 | 7.2340 | * | Feb high | S3 | 7.1600 | * | congestion | |
R1 | 7.2200 | congestion | S4 | 7.1415 | * | 24 Jan low |
04:30 GMT - Sharply lower to extend break of the 7.2340 support and trendline from the late-December low to trigger a 6-week top pattern at the 7.2830, April YTD high. Follow-through below the 7.2000 level will open further losses to the 7.1810 and 7.1720, February/March lows. Oversold daily studies suggest possible reaction at the latter though bounce should prove limited. Lower still will see room to the 4.1600 congestion. Meanwhile, resistance is now at the 7.2200 congestion then the 7.2340 high of February, now expected to cap and sustain losses from the 7.2830 high.