Cautious trade has given way to the anticipated break back above 1.1550
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1750 | congestion | S1 | 1.1550 | * | congestion | ||
| R3 | 1.1700 | ** | congestion | S2 | 1.1500 | ** | congestion | |
| R2 | 1.1650 | * | congestion | S3 | 1.1450 | * | congestion | |
| R1 | 1.1600 | ** | congestion | S4 | 1.1400/10 | ** | congestion; 13 Mar YTD low |
*Asterisk denotes strength of level
08:35 BST – Cautious trade has given way to the anticipated break back above 1.1550, with prices reaching 1.1590~ before drifting back towards 1.1550. A test beneath here cannot be ruled out. But rising daily readings should limit initial scope in fresh consolidation above congestion support at 1.1500, before deteriorating weekly charts prompt further losses. Meanwhile, resistance is up to congestion around 1.1600. A test above here, if seen, should fade beneath further congestion around 1.1650.
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