Leaning lower from the 7.2740 high of last week to pressure the 7.2340/00 support and trendline from the late-December low
Level | Imp | Comment | Level | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 7.3000 | * | congestion | S1 | 7.2340 | ** | 14 Feb high | |
R3 | 7.2830 | ** | 16 Apr YTD high | S2 | 7.2200 | * | 28 Feb high | |
R2 | 7.2740 | * | 24 Apr high | S3 | 7.2000 | * | congestion | |
R1 | 7.2500 | congestion | S4 | 7.1720 | * | Mar low |
05:10 GMT - Leaning lower from the 7.2740 high of last week to pressure the 7.2340/00 support and trendline from the late-December low. Daily studies are weakening and suggest scope for break here to trigger a broad top pattern at the 7.2830 April high and see room for deeper pullback to retrace gains from the December low. Lower will see room to the strong support at the 7.2200 and 7.2000 level. Meanwhile, resistance is lowered to 7.2500 congestion and this is expected to cap and sustain losses from the 7.2830 high.