Settled back from the 83.7200 high but further gains not ruled out
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 - Settled back from the 83.7200 high but further gains not ruled out. Higher see the strong resistance at the 83.7550, 20 August high, expected to cap. Corrective gains expected to given way to selling pressure the downside later with support raised to the 83.6000 level. Break here 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.