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  • RES 4: 0.7388 2.00 projection of Mar 19 - 31 rally from Apr 3 low
  • RES 3: 0.7295 High Jan 2019
  • RES 2: 0.7284 High Feb 2019
  • RES 1: 0.7241/43 High Aug 5 / 7
  • PRICE: 0.7166 @ 16:14 BST Aug 14
  • SUP 1: 0.7077 Low Aug 3
  • SUP 2: 0.7064/15 Low Jul 24 / 50-dma
  • SUP 3: 0.7010 Low Jul 21
  • SUP 4: 0.6963 Low Jul 16

Prices topped out at 0.7243 last week and have faded since. This move has relieved some of the signs of bullish exhaustion evident in the RSI, which has withdrawn back to normal levels. The move above 0.7227 opened a further leg higher, which eyes levels not seen since early 2019. Bulls look to 0.7284 and 0.7295 for direction. On the downside, key near-term trend support has been defined at 0.7064, Jul 24 low. A fall through here would be a bearish development.

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