Sharply higher to extend bounce from the 7.1650 low
Level | Imp | Comment | Level | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 7.2740 | * | 25 Apr high | S1 | 7.2200 | congestion | ||
R3 | 7.2600 | * | congestion | S2 | 7.2000 | * | Dec high, congestion | |
R2 | 7.2415 | * | 18 Apr low | S3 | 7.1800 | * | congestion | |
R1 | 7.2340 | * | Feb high | S4 | 7.1650 | * | 3 May low |
03:20 GMT - Sharply higher to extend bounce from the 7.1650 low as prices unwind the oversold intraday and daily studies. Break above the 7.2200 level see room for extension to the strong resistance at the 7.2340 high of February then the 7.2415, 18 April low. Gains are seen corrective and expected to give way to selling pressure later with support raised to the 7.2200 congestion then the 7.2000 high of December. Would take break of these to return focus to the downside for retest of the 7.1800 congestion then the 7.1650 low.