Little change, as prices extend consolidation within the 7.1000/7.0500 range
Level | Imp | Comment | Level | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 7.1400/10 | * | congestion, 50% | S1 | 7.0500 | * | congestion | |
R3 | 7.1200 | * | congestion | S2 | 7.0385 | * | 20 Sep low | |
R2 | 7.1135 | * | 19 Sep high | S3 | 7.0000 | * | figure | |
R1 | 7.1000 | * | 38.2% Jul/Sep fall | S4 | 6.9710 | ** | 26 Sep YTD low |
Asterisk denotes strength of level
03:50 GMT - Little change, as prices extend consolidation within the 7.1000/7.0500 range. The resulting pennant pattern threatens break to further extend gains from the September YTD low to the 7.1135 resistance then the 7.1200/7.1410 congestion area and 50% Fibonacci retracement. However, the daily studies remains overbought and caution corrective pullback. Would take break of the 7.0500 support to return focus to the downside for retest of the 7.0385 support. Below this will open up room to the 7.0000 figure then the 6.9710 low.