Saw bounce from the .5860/50 support to regain the .5900 level as prices unwind the deep oversold intraday and daily studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | .6050 | * | congestion | S1 | .5860 | ** | 17 Apr YTD low | |
R3 | .6000 | * | congestion | S2 | .5800 | * | congestion | |
R2 | .5965 | * | 10 Apr low | S3 | .5773 | ** | 26 Oct 2023 year low | |
R1 | .5940 | * | 1 Apr low | S4 | .5740 | * | Nov 2022 low |
Asterisk denotes strength of level
00:30 GMT - Saw bounce from the .5860/50 support to regain the .5900 level as prices unwind the deep oversold intraday and daily studies. The resulting outside range suggest room for stronger push to the strong resistance at the .5940/.5965 recent lows. Clearance here will see scope for stronger retracement of the sharp drop from .6083 high of last week to the .6000 level. Meanwhile, support is raised to the .5900 level then the .5860 low, now protecting the downside. Break here will extend losses from the late-December high and open up the .5800 level then the .5773, 2023 year low.