Drifting narrowly in consolidation at the 38.2% Fibonacci level at the 102.60 level
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 103.65 | ** | Jul low | S1 | 102.00 | * | congestion | |
R3 | 103.30 | * | 50% Apr/Sep fall | S2 | 101.50 | * | break level | |
R2 | 103.00 | * | congestion | S3 | 101.00 | ** | congestion | |
R1 | 102.60 | * | 38.2% Apr/Sep fall | S4 | 100.50 | * | Aug low |
Asterisk denotes strength of level
02:45 GMT - Drifting narrowly in consolidation at the 38.2% Fibonacci level at the 102.60 level. Consolidation here see prices unwinding overbought intraday studies though the positive daily charts suggest room for further gains. Higher will see room to further retrace the April/September losses to the 103.00 level then the 103.30, 50% Fibonacci retracement. However, gains are corrective and expected to give way to selling pressure later with support raised to the 102.00/101.50 area. Break here will return focus to the downside for retest of the 100.50 and 100.15 lows.