Break above the 7.2340/7.2415 resistance saw gains stalling at the 7.2470 high
Level | Imp | Comment | Level | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 7.2830 | ** | 16 Apr YTD high | S1 | 7.2200 | congestion | ||
R3 | 7.2740 | * | 25 Apr high | S2 | 7.2000 | * | Dec high, congestion | |
R2 | 7.2600 | * | congestion | S3 | 7.1800 | * | congestion | |
R1 | 7.2470 | * | 14 May high | S4 | 7.1650 | * | 3 May low |
03:50 GMT - Break above the 7.2340/7.2415 resistance saw gains stalling at the 7.2470 high. Rejection there see prices unwinding the stretched intraday studies with pullback through the 7.2340 resistance returning focus to the downside. Daily studies are stretched as well and see scope for pullback towards the 7.2200 support then the 7.2000 congestion. Break of the latter will return focus to the 7.1800 congestion then the 7.1650 low. Meanwhile, resistance at the 7.2470 high now expected to cap and keep pressure on the downside.