Pressure remains on the downside to extend sharp losses last week
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.0800 | * | congestion | S1 | 1.0600 | * | congestion | |
R3 | 1.0756 | 11 Apr high | S2 | 1.0565 | * | congestion, 2 Nov low | ||
R2 | 1.0725 | * | 2 Apr low | S3 | 1.0517 | * | Nov low | |
R1 | 1.0700 | * | congestion | S4 | 1.0500 | * | congestion |
Asterisk denotes strength of level
01:30 GMT - Pressure remains on the downside to extend sharp losses last week from the 1.0885 high. Nearby see the 1.0600 level now within reach and where reaction here possible to unwind oversold intraday studies. However, bounce likely to prove limited and break lower cannot be ruled out to the 1.0565 and 1.0517 support. Meanwhile, resistance at the 1.0700/1.0725 previous lows is expected to cap and keep pressure on the downside. Only above here will ease the downside pressure and open up stronger gains to the 1.0756 resistance and the 1.0800 congestion.