Leaning lower from the 4.7955 high as prices unwind the overbought daily studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 4.8000 | * | figure | S1 | 4.7600 | * | congestion | |
R3 | 4.7975 | ** | 20 Feb YTD high | S2 | 4.7400 | * | 22 Mar high, congestion | |
R2 | 4.7955 | * | 16 Apr high | S3 | 4.7200 | * | congestion | |
R1 | 4.7800 | congestion | S4 | 4.7000 | * | figure |
05:50 GMT - Leaning lower from the 4.7955 high as prices unwind the overbought daily studies. However, the downside remains supported above the 4.7600 congestion and see break here needed to open up deeper pullback to retrace rally from the March low and see scope to the 4.7400 support. Lower still will see room to the 4.7200/4.7000 area. Meanwhile, resistance is lowered to 4.7800/35 area and expected to cap and sustain losses from the 4.7955 high. Clearance here and the 4.7975 high will further extend gains to 4.8000 figure.