Follow-through below the strong support at the 83.2650 has seen losses to reach the April low at 83.1560
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 83.4475 | 16 May low | S1 | 83.1560 | * | Apr low | ||
R3 | 83.4000 | * | figure, congestion | S2 | 83.1100 | * | 50% Mar/Apr rally | |
R2 | 83.3450 | * | 3 May low | S3 | 83.0450 | 21 Mar low | ||
R1 | 83.2650 | * | 24 Apr low | S4 | 83.0000 | * | figure, 61.8% |
Asterisk denotes strength of level
05:25 GMT - Follow-through below the strong support at the 83.2650 has seen losses to reach the April low at 83.1560. The daily studies are now unwinding oversold readings but consolidation here expected to give way to further selling pressure later. Break will see room for deeper correction of the rally from the March low and see scope to the 83.1100, 50% Fibonacci level. Lower will open up 83.0450/83.0000 support and 61.8% Fibonacci level. Meanwhile, resistance is lowered to the 83.2650, now expected to cap and sustain losses from the April all-time high at 83.5750.