Remains in consolidation below 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
05:40 GMT - Remains in consolidation below the 7.1500 resistance as prices unwind the overbought intraday and daily studies. However, shallow pullback keeps pressure on the upside. Higher will further retrace the July/September losses and see room to the 7.1650 resistance then the 7.1810, 61.8% Fibonacci retracement. However, gains are seen corrective and expected to give way to fresh selling pressure later. Break of the 7.1000 congestion will turn focus lower for retest of the August lows at the 7.0840/7.0700 area then the 7.0500 level.