Breakdown from the 7.0500/7.035 support further extend losses to tag the 7.0000 figure
Level | Imp | Comment | Level | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 7.1000 | ** | congestion | S1 | 7.0000 | ** | figure, congestion | |
R3 | 7.0840 | * | 5 Aug low | S2 | 6.9650 | * | 2 May 2023 high | |
R2 | 7.0700 | * | 30 Aug low, congestion | S3 | 6.9550 | * | 50% 2023 rally | |
R1 | 7.0385 | * | 20 Sep low | S4 | 6.9300 | * | congestion |
Asterisk denotes strength of level
06:50 GMT - Breakdown from the 7.0500/7.035 support further extend losses to tag the 7.0000 figure. Bounce here see prices unwinding the deep oversold intraday and daily studies. However, further losses cannot be ruled out. Lower will see room to the 6.9550, 50% Fibonacci retracement of the 2023 rally. Meanwhile, resistance is lowered to the 7.0385 low of last week. Would need to regain this will open up stronger correction to the strong resistance at the 7.0700/7.0840 area and extending to the 7.1000 level which is expected to cap corrective bounce.