Prices remains under pressure as losses extend to retest the .6442 February year low
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.6644 | * | 9 Apr high | S1 | 0.6442 | ** | 13 Feb YTD low | |
R3 | 0.6600 | * | congestion | S2 | 0.6400 | * | congestion | |
R2 | 0.6550 | * | congestion | S3 | 0.6339 | * | 10 Nov low | |
R1 | 0.6480/00 | * | 1 Apr low, congestion | S4 | 0.6270 | ** | 26 Oct 2023 year low |
Asterisk denotes strength of level
00:10 GMT - Prices remains under pressure as losses extend to retest the .6442 February year low. Bearish structure keeps focus on the downside and break here will see room to extend the December losses to the .6400 level. Stretched intraday and daily studies suggest possible reaction on test of the latter though any bounce likely to prove limited. Meanwhile, resistance is lowered to the .6480/.6500 congestion area and this is expected to cap. Regaining this, if seen, will ease the bearish pressure and see room for stronger corrective bounce to the .6550/.6600 area.