Steadied at the 1.0600 level as prices unwind oversold intraday studies and consolidate steep drop from the 1.0885 high of last week
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.0750 | congestion | S1 | 1.0600 | * | congestion | ||
R3 | 1.0725 | * | 2 Apr low | S2 | 1.0565 | * | congestion, 2 Nov low | |
R2 | 1.0695/00 | * | Feb low, congestion | S3 | 1.0517 | * | Nov low | |
R1 | 1.0665 | 15 Apr high | S4 | 1.0500 | * | congestion |
Asterisk denotes strength of level
01:40 GMT - Steadied at the 1.0600 level as prices unwind oversold intraday studies and consolidate steep drop from the 1.0885 high of last week. However, bounce likely to prove limited and break lower cannot be ruled out to the 1.0565 and 1.0517 support. Meanwhile, resistance is lowered to 1.0665. Would need to clear this to open up stronger bounce to the strong resistance at the 1.0695/00 and 1.0725 previous lows. These are expected to cap and keep pressure on the downside. Break, if seen, will ease the downside pressure and open up stronger gains to the 1.0756 resistance and the 1.0800 congestion.