Extending bounce from the 7.1650 low as prices unwind the oversold intraday and daily studies
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 |
05:20 GMT - Extending bounce from the 7.1650 low as prices unwind the oversold intraday and daily studies following sharp drop from above the 7.2700 level. However, corrective gains expected to give way to selling pressure later and break of the 7.1800 congestion and 7.1650 low will see room to the 7.1500 congestion. Below this will see potential for return to the 7.1000/7.0875, December lows. Meanwhile, resistance is 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.