Settling back from the 11.4500 high as prices consolidate bounce from the 11.3000 low
Levels | Imp | Comment | Levels | Imp | Comment | |||
R4 | 11.5725 | * | 15 Aug high, 61.8% | S1 | 11.4000 | * | congestion | |
R3 | 11.5100 | * | 50% Jul/Sep fall | S2 | 11.3500 | * | congestion | |
R2 | 11.4750 | * | Sep high | S3 | 11.3000 | * | Jul, Aug lows | |
R1 | 11.4500 | * | 21 Oct high | S4 | 11.2400 | ** | Sep low |
Asterisk denotes strength of level
07:15 GMT - Settling back from the 11.4500 high as prices consolidate bounce from the 11.3000 low. Daily studies are still tracking higher and suggest scope for further gains to retrace the July/September losses. Higher will see room to the 11.4750 resistance then the 11.5100, 50% Fibonacci level. Gains are seen corrective and lower high sought to further pressure the downside later. Meanwhile, support is raised to the 11.4000 congestion. Below here needed to see deeper pullback t the 11.3500/11.3000 congestion and July/August lows.