Settled back in consolidation below the 7.1500 resistance
Level | Imp | Comment | Level | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 7.1945 | * | 7 Aug high | S1 | 7.1200 | * | congestion | |
R3 | 7.1810 | * | 61.8% Jul/Sep fall | S2 | 7.1000 | ** | congestion | |
R2 | 7.1650 | * | May low | S3 | 7.0840 | * | 5 Aug low | |
R1 | 7.1500 | ** | congestion | S4 | 7.0700 | * | 30 Aug low |
Asterisk denotes strength of level
05:45 GMT - Settled back in consolidation below the 7.1500 resistance as prices unwind overbought intraday studies. Daily studies are ovrbought as well and highlights scope for pullback to the 7.1200 and 7.1000 congestion area. Break of the latter will turn focus lower for retest of the August lows at the 7.0840/7.0700 area. Meanwhile, resistance at the 7.1500 level expected to cap. Break here, if seen, will further retrace the July/September losses and see room to the 7.1650 resistance then the 7.1810, 61.8% Fibonacci retracement.