Extending rejection from the 11.7100 high of last week
Levels | Imp | Comment | Levels | Imp | Comment | |||
R4 | 11.7600 | * | 76.4% Sep/Dec losses | S1 | 11.5000 | figure | ||
R3 | 11.7100 | ** | 19 Apr YTD high | S2 | 11.4800 | * | congestion | |
R2 | 11.6180 | * | 1 Apr high | S3 | 11.4250 | * | Jan high | |
R1 | 11.6000 | figure | S4 | 11.4000 | * | Feb high |
Asterisk denotes strength of level
07:00 GMT - Extending rejection from the 11.7100 high of last week as prices unwind the overbought daily studies. Break of the 11.6000 level opens up deeper pullback to retrace strong gains from the March low and see room to the 11.5000 figure then the 11.4800 support. Failure to hold the latter will see scope to the strong support at 11.4250/11.4000, the January/February highs. Meanwhile, resistance is lowered to the 11.6000/11.6180 area and this should now cap and sustain losses from the 11.7100 high.