Saw sharp bounce at the 1.0600 level as prices consolidate steep drop from the 1.0885 high of last week
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.0800 | * | congestion | S1 | 1.0600 | * | congestion | |
R3 | 1.0750 | congestion | S2 | 1.0565 | * | congestion, 2 Nov low | ||
R2 | 1.0725 | * | 2 Apr low | S3 | 1.0517 | * | Nov low | |
R1 | 1.0695/00 | * | Feb low, congestion | S4 | 1.0500 | * | congestion |
Asterisk denotes strength of level
01:40 GMT - Saw sharp bounce at the 1.0600 level as prices unwind oversold intraday studies and consolidate steep drop from the 1.0885 high of last week. The daily studies are stretched as well and suggest scope for stronger bounce to the strong resistance at the 1.0695/00 area and the 1.0725, recent low. These are expected to cap and keep pressure on the downside. Break, if seen, will fade the downside pressure and open up stronger gains to the 1.0756 resistance and the 1.0800 congestion. Meanwhile, support at the 1.0650/1.0600 area now protecting the downside.