Pressure remains on the downside and break of the .6600 level see room to further extend losses from the .6715 high
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.6800 | figure | S1 | 0.6580 | 14 May low | |||
R3 | 0.6750 | * | 76.4% Dec/Apr fall | S2 | 0.6558/50 | * | 8 May low, congestion | |
R2 | 0.6700/15 | * | congestion, 16 May high | S3 | 0.6515 | 2 May low | ||
R1 | 0.6650 | * | congestion | S4 | 0.6500 | * | congestion |
Asterisk denotes strength of level
00:15 GMT - Pressure remains on the downside and break of the .6600 level see room to further extend losses from the .6715 high. Nearby see support at .6580 support though the negative daily studies suggest room for deeper losses to the strong support at the .6558/50 congestion. However, losses are seen corrective of the strong rally from the April YTD low and can be expected give way to fresh buying interest later. Meanwhile, resistance is lowered to .6650. Regaining this needed to open up the .6715 high to retest and further extend gains to the .6750, 76.4% Fibonacci retracement.