Saw slight break of the .6400 level but the stretched intraday and daily studies has given way to consolidation to unwind oversold readings
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.6600 | * | congestion | S1 | 0.6390 | ** | 16 Apr YTD low | |
R3 | 0.6550 | * | congestion | S2 | 0.6339 | * | 10 Nov low | |
R2 | 0.6480/00 | * | 1 Apr low, congestion | S3 | 0.6300 | * | congestion | |
R1 | 0.6442 | * | Feb low | S4 | 0.6270 | ** | 26 Oct 2023 year low |
Asterisk denotes strength of level
00:10 GMT - Saw slight break of the .6400 level but the stretched intraday and daily studies has given way to consolidation to unwind oversold readings. Bounce from the .6390 low see upside likely to remain limited with resistance now at the .6442, February low. Above here will see scope for stronger bounce to the strong resistance at the .6480/.6500 area. Corrective bounce expected to give way to fresh selling pressure later and clear break of the .6400 level will see room to the .6350/39 area. Below this will open up the .6300 level then .6270, 2023 year low.