Bounce at the 7.1650 low see prices consolidating sharp drop from above the 7.2700 level
Level | Imp | Comment | Level | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 7.2600 | * | congestion | S1 | 7.1800 | congestion | ||
R3 | 7.2415 | * | 18 Apr low | S2 | 7.1650 | * | 3 May low | |
R2 | 7.2340 | * | Feb high | S3 | 7.1500 | * | congestion | |
R1 | 7.2200 | congestion | S4 | 7.1415 | * | 24 Jan low |
03:30 GMT - Bounce at the 7.1650 low see prices consolidating sharp drop from above the 7.2700 level as prices unwind the oversold intraday and daily studies. Resistance starts at the 7.2200 level then the strong resistance area at the 7.2340 high of February high which extend to 7.2415, 18 April low. Lower high sought to further pressure the downside later with support now at the 7.1800 congestion then the 7.1650 low. Break here will see room to the 7.1500 congestion though potential would be for return to the 7.1000/7.0875, December lows.