Chart USD/KRW Update: Consolidating sharp losses
Consolidating test of the 1500.00 level as prices unwind oversold intraday and daily studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1540.00 | * | congestion | S1 | 1500.00 | * | figure | |
| R3 | 1537.00 | ** | March high | S2 | 1490.00 | * | congestion | |
| R2 | 1530.00 | * | congestion | S3 | 1487.00 | ** | 2024/2025 year highs | |
| R1 | 1520.00 | * | congestion | S4 | 1480.00 | ** | congestion, 38.2% |
Asterisk denotes strength of level
02:25 GMT - Consolidating test of the 1500.00 level as prices unwind oversold intraday and daily studies following sharp losses from the 1560.00 resistance. However, pressure remains on the downside and clear break of the 1505.00/1500.00 area will confirm a double top at the June/July highs and see deeper pullback to retrace strong gains from the 1440.00 May low. Break will see room for extension to support at 1490.00/1487.00 area. Lower still, will see scope to 1480.00 congestion and 38.2% Fibonacci retracement. Meanwhile, resistance at the 1520.00/1530.00 congestion area is expected to cap corretive bounce and sustain losses from the 1560.00 June current year high.