Saw break above the trendline from the September high at the 7.2700 level to retest the 7.2820, Mar YTD high
Level | Imp | Comment | Level | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 7.3105 | * | 13 Nov high | S1 | 7.2500 | congestion | ||
R3 | 7.3000 | * | congestion | S2 | 7.2340 | * | 14 Feb high | |
R2 | 7.2820 | ** | 25 Mar YTD high | S3 | 7.2200 | * | 28 Feb high | |
R1 | 7.2700 | * | trendline | S4 | 7.2000 | * | congestion |
03:30 GMT - Saw break above the trendline from the September high at the 7.2700 level to retest the 7.2820, Mar YTD high. Overbought daily studies suggest this keeping gains in check and scope seen for rotation lower in consolidation. However, bullish structure from the late-December low suggest potential for break later. Meanwhile, support is raised to the 7.2500 level ahead of the 7.2340 February high. The latter now underpin and seen sustaining the bullish focus. Would take break here to fade the upside pressure and see room for deeper pullback to retrace gains from the December low.