Consolidation below 1.1450 resistance has given way to break to extend gains from the 1.1325 June current year low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1655 | ** | 30 Apr low | S1 | 1.1450 | * | congestion | |
| R3 | 1.1600/20 | * | congestion, 15 Jun high | S2 | 1.1410/00 | * | Mar low, congestion | |
| R2 | 1.1550/75 | ** | congestion, May low | S3 | 1.1378 | * | 13 Jul low | |
| R1 | 1.1500 | ** | 8 Jun low | S4 | 1.1325 | ** | 24 Jun YTD low |
Asterisk denotes strength of level
01:15 GMT – Consolidation below 1.1450 resistance has given way to break to extend gains from the 1.1325 June current year low. Positive daily and weekly studies suggest room for stronger recovery to retrace losses from the April swing high. Nearby will see scope to the 1.1500 level. Break here will turn focus to strong resistance at the 1.1550/75 congestion and May low and the 1.1600 level. Meanwhile support is raised to the 1.1450 congestion which should underpin and sustain bounce from the 1.1378 Monday’s low.
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