Last week saw pushes on the 50-day SMA. Reports this week likely to be on if the PM will ignore the latest legislation on blocking no-deal and seek to see the UK leave the EU on 31 October. Three weekly pivots between 1.2218/00, may provide support if we trade around here. There has been a lot of congestion down to 1.2175, a fall further we may look at a move back down to 1.2107/2076.
Pushes above the 23.6% fib attracted selling. There is possible further resistance a little higher between 1.2375/96 which is a break down area. 1.2477 is previous support from Dec 18 and a little higher is the 38.2% fib at 28.2%.
Daily chart showing downwards moving trend channel. Recent pushes higher have taking out the first fib but stopped before the breakdown point.
Remains under pressure. 1.1112 seems a pivotal level, remain below here then we focus on that lower falling wedge line at 1.0950. 1.0922 is the yearly low, below is the 78.6% fib around 1.0813.
Fibs and sloping trend resistance is the focus to the high. Last weeks high was at 1.1084. 38.2% fib and trend resistance between 1.1112/17. remaining fibs are: 50% @ 1.1169 and 61.8% @ 1.12226.
Daily chart showing the sloping wedge pattern. Euro traders will focus Thursday's ECB meeting.
Up into the 12,191/296 zone which has a lot of possible pockets of resistance. Lets see if it holds here, no surprise if the strength continues. We may see pushes up to the 73.6% fib @ 12,368, 29 July high @ 12,476 and a possible trend resistance of the highs at 12,495.
Weekly pivot and a number of daily lows and highs around 12,082, we may find support here if we trade down to these levels. 12,000 saw a pop through when there was initial resistance, we may see support here if we trade back lower. Pushes back below 11,800/861 will take the fizz out of this move higher. Weekly pivot just below the lower end at 11,794.
Equities remain strong and have opened up towards last weeks closes. Four-hour chart showing activity now within a possible resistance zone.
Relentless moves higher and doesn't look like its holding up. Next levels to focus on is the 78.6% at 26,909 and then we are into later part of July's trading and aim for the breakdown at 27,000.
Strong gains lately are likely to see resilience, but when is the question. Weekly pivot at 26,653 and below here is last weeks lows and pivot around 26,071. Previous areas of support between 25,865/843, much stronger support between 25,715/626.
Daily chart showing the push back up to the highs. Trade war between US and China starting to cool and the world's central banks are all looking to ease.