Consolidation at the .6700 level has given way to renewed selling pressure
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.6820 | ** | Aug high | S1 | 0.6645 | * | 50% Aug/Sep rally | |
R3 | 0.6800 | ** | Jul high, congestion | S2 | 0.6622 | ** | Sep low | |
R2 | 0.6750/60 | * | congestion, 11 Oct high | S3 | 0.6600 | * | figure | |
R1 | 0.6700/23 | * | congestion, 20 Oct high | S4 | 0.6575 | * | 61.8% Aug/Sep rally |
Asterisk denotes strength of level
00:10 GMT - Consolidation at the .6700 level has given way to renewed selling pressure and break of the .6658 low see the .6650/45, congestion and 50% Fibonacci level now at risk. Daily studies have turned negative once again pushing deep into oversold areas, highlighting the bearish momentum. Lower will see room to the .6622 low of September where reaction can be expected. Break here will open up further losses to .6600 level and .6575, 61.8% Fibonacci level. Meanwhile, resistance is lowered to the .6700/23 area which is expected to cap bounce attempt.