Cautious trade has given way to a sharp bounce to congestion resistance at 1.3500
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3657 | ** | 1 May (m) high | S1 | 1.3400 | ** | congestion | |
| R3 | 1.3600 | ** | congestion | S2 | 1.3300 | ** | congestion | |
| R2 | 1.3558 | ** | 15 Jul (m) high | S3 | 1.3275~ | * | 28 Jul low | |
| R1 | 1.3500 | * | congestion | S4 | 1.3250 | intraday break level |
Asterisk denotes strength of level
08:10 BST – Cautious trade has given way to a sharp bounce to congestion resistance at 1.3500, where unwinding overbought intraday studies are prompting fresh consolidation. Daily stochastics and the daily Tension Indicator continue to rise, and broader weekly charts are improving, highlighting room for further strength in the coming sessions. A break will open up the 1.3558 monthly high of 15 July. Continuation beyond here will improve sentiment and extend late-June gains towards congestion around 1.3600. Meanwhile, support remains down to congestion around 1.3400 and should underpin any immediate setbacks.
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