Limited on break of the 83.4000 congestion as prices extend consolidation below the 83.5250 high
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 83.6000 | * | figure | S1 | 83.3450 | * | 3 May low | |
R3 | 83.5750 | ** | 19 Apr all-time high | S2 | 83.2650 | * | 24 Apr low | |
R2 | 83.5250 | * | 30 Apr high | S3 | 83.2000 | congestion | ||
R1 | 83.4550 | * | 4 Apr high | S4 | 83.1560 | * | 10 Apr low |
Asterisk denotes strength of level
05:30 GMT - Limited on break of the 83.4000 congestion as prices extend consolidation below the 83.5250 high though the overbought daily studies suggest scope for deeper pullback. Below the 83.3450 low see support at the 83.2650 low of last week and where break will turn focus lower and expose the 83.1560 low of April to retest. Break of these will confirm a top in place at the 83.5750 high and see room for deeper pullback to retrace gains from the 82.6485 low of March. Meanwhile, resistance is lowered to 83.4550 which is expected to cap and sustain losses from the April high.