Turned up from test of the 96.00 level to consolidate losses from above the 99.00 level
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 100.00 | * | congestion | S1 | 96.38 | * | 13 Jan low | |
R3 | 99.42 | ** | 15 Nov low | S2 | 96.00 | * | congestion | |
R2 | 99.00 | * | congestion | S3 | 95.52 | ** | 6 Dec low | |
R1 | 98.00 | * | congestion | S4 | 94.85 | * | 61.8% Aug/Nov rally |
Asterisk denotes strength of level
06:50 GMT - Turned up from test of the 96.00 level to consolidate losses from above the 99.00 level. Gains are seen corrective and lower high sought to pressure the downside later for retest of the 96.38 and 96.00 lows. Break of the latter will open the December low at 95.52 to retest. Below the latter will see extension of the broader losses from the November high to retrace gains from the August low and room to 94.85, 61.8% Fibonacci level, then the 94.00 level. Meanwhile, resistance at the 98.00 congestion expected to cap and sustain rejection from the 99.00/99.17 area.