Prices remains under pressure and losses extend to the .5900 level
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | .6083 | * | 10 Apr high | S1 | .5900 | * | congestion | |
R3 | .6050 | * | congestion | S2 | .5854/50 | * | 14 Nov low, congestion | |
R2 | .6000 | * | congestion | S3 | .5800 | * | figure | |
R1 | .5940/65 | * | 1, 10 Apr lows | S4 | .5773 | ** | 26 Oct 2023 year low |
Asterisk denotes strength of level
00:30 GMT - Prices remains under pressure and losses extend to the .5900 level. Break here will see room to further extend the December losses to the .5854/50 support. Oversold intraday studies suggest test here to give way to consolidation though the bearish structure keeps focus on the downside. Lower will see room to the .5800 level and .5773, 2023 year low. Meanwhile, resistance is lowered to the previous lows at the .5940/65 area and this is expected to cap corrective bounce and sustain bearish pressure from the .6083 high of last week.