Consolidation below the 7.1000 resistance has given way to sharp break higher to extend gains from the September YTD low
Level | Imp | Comment | Level | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 7.1650 | * | May low | S1 | 7.1000 | * | congestion | |
R3 | 7.1500 | * | congestion | S2 | 7.0840 | * | 5 Aug low | |
R2 | 7.1400/10 | * | congestion, 50% | S3 | 7.0700 | ** | 30 Aug low | |
R1 | 7.1365 | * | Sep high | S4 | 7.0500 | * | congestion |
Asterisk denotes strength of level
04:45 GMT - Consolidation below the 7.1000 resistance has given way to sharp break higher to extend gains from the September YTD low. Nearby see resistance at 7.1365 then the 7.1400/7.1410, congestion area and 50% Fibonacci retracement. Higher still will see room to the 7.1500 level. The daily studies remains overbought and caution corrective pullback. Meanwhile, the 7.1000 level now marks initial support ahead of the August lows at the 7.0840/7.0700 area which should underpin. Would take break here to return focus to the downside for retest of the 7.0500 congestion and lower.