Bounce attempt has seen rejection from the 7.0700/7.0840 resistance
Level | Imp | Comment | Level | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 7.1135 | * | 19 Sep high | S1 | 7.0340 | * | 50% 2023 rally | |
R3 | 7.1000 | ** | figure, congestion | S2 | 7.0120 | * | 19 May 2023 low | |
R2 | 7.0840 | * | 5 Aug low | S3 | 7.0000 | ** | figure, congestion | |
R1 | 7.0700 | * | 30 Aug low | S4 | 6.9650 | * | 2 May 2023 high |
Asterisk denotes strength of level
05:10 GMT - Bounce attempt has seen rejection from the 7.0700/7.0840 resistance with break to fresh year low reaching the 7.0340, 50% Fibonacci level. Lower still, will see room for further extension to the 7.0120 support then the 7.0000 figure. Would expect reaction at the latter as prices push deep into oversold areas. However, bounce likely to be limited with resistance at the 7.0700/7.0840 area and extending to the 7.1000 level expected to cap corrective bounce. Only above here will see room for stronger correction to the 7.1135 resistance and 7.1400 congestion.