FRA40 – Intraday – We look to Sell at 5400 (stop at 5445)
Continued downward momentum from 5452 resulted in the pair posting net daily losses yesterday. The conflicting views have resulted in the immediate outlook being hard to interpret. The trend of lower highs is located at 5401. Bespoke resistance is located at 5409. There is scope for mild buying at the open but gains should be limited. Preferred trade is to sell into rallies.
Our profit targets will be 5295 and 5200
Resistance: 5372 / 5401 / 5409
Support: 5331 / 5293 / 5246