Shallow bounce above the .6442 resistance has seen prices giving way to fresh selling pressure
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.6600 | congestion | S1 | 0.6362 | intraday 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
03:20 GMT - Shallow bounce above the .6442 resistance has seen prices giving way to fresh selling pressure to reach fresh low at .6362. Lower will see scope to extend the late-December losses to support at the .6350/39 area. Below this will shift focus to the .6300 level then .6270, 2023 year low. However, deep oversold daily studies caution corrective bounce though the upside likely to prove limited with resistance now at the .6400 level then the .6442/55 area. Only above the latter will open up stronger gains to the strong resistance at the .6480/.6500 area.