Little change, as prices extend consolidation around 0.7115/20
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7300 | ** | congestion | S1 | 0.7100 | ** | congestion | |
| R3 | 0.7277 | ** | 6 May YTD high | S2 | 0.7050 | * | congestion | |
| R2 | 0.7200 | ** | congestion | S3 | 0.7000 | * | congestion | |
| R1 | 0.7150 | * | congestion | S4 | 0.6950 | congestion |
Asterisk denotes strength of level
14:20 BST – Little change, as prices extend consolidation around 0.7115/20. Overbought daily stochastics are leaning lower, suggesting room for a minor pullback. But the improving daily Tension Indicator and rising weekly charts should limit any tests below congestion support at 0.7100 in renewed buying interest above further congestion around 0.7050.
Following cautious trade, fresh gains are looked for. Focus is expected to turn to congestion resistance at 0.7150, with potential for continuation beyond here towards further congestion around 0.7200. However, already overbought daily stochastics could prompt profit-taking towards here.
Leave a comment