Steadied at the .8500 support as prices unwind the oversold intraday and daily studies and consolidate losses from the .8620 high
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.8620 | * | 9 May high | S1 | 0.8500 | ** | Feb/Mar YTD lows | |
R3 | 0.8580 | congestion | S2 | 0.8492 | ** | Aug 2023 year low | ||
R2 | 0.8550 | * | Dec low, congestion | S3 | 0.8450 | * | congestion | |
R1 | 0.8520/30 | * | Apr lows | S4 | 0.8400 | figure |
Asterisk denotes strength of level
06:40 GMT - Steadied at the .8500 support as prices unwind the oversold intraday and daily studies and consolidate losses from the .8620 high. However, bearish structure see risk for break here and the 2023 year low at .8492 to further extend losses from the 2022 year high. Meanwhile, the previous lows at the .8530/20 area now reverts to resistance. Would need to clear this to fade the downside pressure and see room for stronger correction to retrace losses from the .8645 high of April. Higher will see scope to resistance at the .8550 low of December and .8580 congestion.