Extending consolidation below the 7.1410 Fibonacci level
Level | Imp | Comment | Level | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 7.1810 | * | congestion, 61.8% | S1 | 7.1200 | * | congestion | |
R3 | 7.1650 | * | May low | S2 | 7.1000 | ** | congestion | |
R2 | 7.1500 | ** | congestion | S3 | 7.0840 | * | 5 Aug low | |
R1 | 7.1410 | * | 50% Jul/Sep fall | S4 | 7.0700 | * | 30 Aug low |
Asterisk denotes strength of level
05:35 GMT - Extending consolidation below the 7.1410 Fibonacci level to trace out a small pennant pattern and highlighting scope for break to further extend gains from the September low. Higher will see room to the 7.1500 congestion then the 7.1650, May low. However, the daily studies remains overbought and caution corrective pullback. Meanwhile, support is raised to the 7.1200 congestion then the 7.1000 level. Would need pullback through these support to weaken and turn focus lower for retest of the August lows at the 7.0840/7.0700 area.