Little change, as prices remains in consolidation below the 7.1000 resistance
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
04:50 GMT - Little change, as prices remains in consolidation below the 7.1000 resistance. The resulting pennant pattern suggest scope for break higher 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.