Consolidation around the 83.6000 level has given way to stronger bounce to extend correction from the 83.4400 low
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 83.9150 | * | 6 Sep low | S1 | 83.6000 | * | congestion | |
R3 | 83.8250 | * | 30 Aug low | S2 | 83.5110 | * | 25 Sep low | |
R2 | 83.8050 | * | 26 Aug low | S3 | 83.4400 | ** | 23 Sep low | |
R1 | 83.7550 | ** | 20 Aug low | S4 | 83.4000 | * | congestion |
Asterisk denotes strength of level
05:40 GMT - Consolidation around the 83.6000 level has given way to stronger bounce to extend correction from the 83.4400 low. Higher will see room to strong resistance at the 20th August low at 83.7550 which is expected to cap. Lower high sought to further pressure the downside later with support raised to the 83.6000 level. Below this will open up support at the 83.5110 and 83.4400 lows to retest. Below these will extend losses from the 83.9850, September all-time high, and see room to 83.4000 congestion. Lower still will see extension to 83.3600 support then 83.3485, 61.8% Fibonacci retracement.