Saw break above the .6500 level to reach the .6525 resistance before settling back in consolidation
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.6600 | congestion | S1 | 0.6442 | * | Feb low | ||
R3 | 0.6550 | * | congestion | S2 | 0.6400 | figure | ||
R2 | 0.6525 | * | Dec/Jan lows | S3 | 0.6362 | * | 19 Apr low | |
R1 | 0.6500 | congestion | S4 | 0.6340 | * | 10 Nov low |
Asterisk denotes strength of level
00:10 GMT - Saw break above the .6500 level to reach the .6525 resistance before settling back in consolidation. Further gains not ruled out and break above the .6525 resistance will see room to the .6550 congestion and the .6600 level. as prices unwind oversold daily studies. However, gains are seen corrective and expected to give way to selling pressure later. Meanwhile, support remains at the .6442 low of February and this now underpin. Would take break here to return focus to the downside for retest of the .6400 level and .6362 low. Below these will see scope to extend losses to the .6300 level then .6270, October 2023 low.