Turned up from test of the 7.0000 figure as prices unwind the deep oversold intraday and daily studies
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
04:20 GMT - Turned up from test of the 7.0000 figure as prices unwind the deep oversold intraday and daily studies. However, pressure remains on the downside and break lower cannot be ruled out. Lower will see room to the 6.9550, 50% Fibonacci retracement of the 2023 rally. Meanwhile, resistance starts at the 7.0385 low of last week. Would need to clear this to open 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 and limit corrective bounce.