Limited on break of the 1.0750 support as prices staged rebound from the 1.0725 low to return focus to the upside
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.0885 | * | 9 Apr high | S1 | 1.0750 | congestion | ||
R3 | 1.0850 | * | congestion | S2 | 1.0725 | * | 2 Apr low | |
R2 | 1.0835 | * | upper channel | S3 | 1.0700/95 | * | congestion, Feb low | |
R1 | 1.0800/12 | * | congestion, 3 May high | S4 | 1.0650 | * | 1 May low |
Asterisk denotes strength of level
01:35 GMT - Limited on break of the 1.0750 support as prices staged rebound from the 1.0725 low to return focus to the upside for retest of the 1.0800/12 high. While stretched intraday studies suggest consolidation here likely this is expected to give way to break to extend gains from the 1.0600, April YTD low. Clearance here will open up extension to the 1.0835/50 channel and congestion area. Higher will see room to the 1.0885/1.0900 resistance. Meanwhile, support at the 1.0750/1.0725 area should now underpin and sustain gains from the 1.0600 low of April.