Consolidating at the 4.7360 low of last week but prices remains under pressure
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 4.7955/75 | ** | Apr high, 20 Feb YTD high | S1 | 4.7360 | 3 May low | ||
R3 | 4.7835 | * | 25 Apr high | S2 | 4.7200 | * | congestion | |
R2 | 4.7710 | 2 May high | S3 | 4.7000 | * | figure | ||
R1 | 4.7600/40 | * | congestion, 30 Apr low | S4 | 4.6750 | ** | 12 Mar low |
05:40 GMT - Consolidating at the 4.7360 low of last week but prices remains under pressure and see room for break here to further extend losses from the 4.7955, April high. Lower will see room for deeper pullback to retrace strong rally from the March low towards 4.7200 level then 4.7000 figure. Below this will expose the 4.6750 low to retest. Break of the latter will confirm a double top at the 4.7955/4.7975 highs and see room for deeper pullback to retrace rally from the late-December low. Meanwhile, resistance remains at the 4.7600/40 area and this is now expected to cap and sustain losses from the 4.7955 high.