Settled back from the 1.0750 congestion to consolidate at the 1.0700 level as prices unwind overbought intraday studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.0885 | * | 9 Apr high | S1 | 1.0700 | * | congestion | |
R3 | 1.0850 | * | congestion | S2 | 1.0650 | congestion | ||
R2 | 1.0800 | * | congestion | S3 | 1.0600 | ** | 16 Apr YTD low | |
R1 | 1.0750 | congestion | S4 | 1.0565 | * | congestion, 2 Nov low |
Asterisk denotes strength of level
01:40 GMT - Settled back from the 1.0750 congestion to consolidate at the 1.0700 level as prices unwind overbought intraday studies. However, further gains not ruled out and higher should see resistance at the 1.0800 level capping. Broad bearish structure from the December high suggest gains corrective gains giving way to selling pressure later. Meanwhile, support is raised to the 1.0700/1.0680 area. Would take break here to open up the 1.0600 level to retest and see scope for break to extend losses from the December high. Lower will see room to the 1.0565 support then the 1.0517/00 area.