Coming under fresh selling pressure after corrective bounce stalled ahead of the 1.0695/1.0700 resistance
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
01:35 GMT - Coming under fresh selling pressure after corrective bounce stalled ahead of the 1.0695/1.0700 resistance. Focus now return to the 1.0600 level and where break will extend losses from the late-December high and see room to the 1.0565 support. Lower still will see scope to 1.0517/00 support. However, the oversold daily studies suggest the 1.0600 level should underpin and limit the downside. Would need break the 1.0695/1.0700 resistance to ease the downside pressure and clear the way for stronger corrective bounce.