Leaning lower in consolidation from the 7.1500 resistance
Level | Imp | Comment | Level | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 7.1945 | * | 7 Aug high | S1 | 7.1000 | ** | congestion | |
R3 | 7.1810 | * | 61.8% Jul/Sep fall | S2 | 7.0840 | * | 5 Aug low | |
R2 | 7.1650 | * | May low | S3 | 7.0700 | * | 30 Aug low | |
R1 | 7.1500 | ** | congestion | S4 | 7.0500 | * | congestion |
Asterisk denotes strength of level
05:20 GMT - Leaning lower in consolidation from the 7.1500 resistance as prices unwind overbought intraday and daily studies. Below the 7.1200 support see room for deeper pullback to the 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 then the 7.0500 level. 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.