Turned downs from the 11.7700 high as prices unwind the deep overbought daily studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
R4 | 11.8400 | * | Oct high | S1 | 11.6000 | * | congestion | |
R3 | 11.8000 | figure | S2 | 11.5500 | * | 24 Apr low | ||
R2 | 11.7700 | ** | 30 Apr YTD high | S3 | 11.4800 | * | congestion | |
R1 | 11.7000 | * | congestion | S4 | 11.4250 | * | Jan high |
Asterisk denotes strength of level
07:30 GMT - Turned downs from the 11.7700 high as prices unwind the deep overbought daily studies to consolidate at the 11.6500 level. The resulting wedge patter highlights risk for deeper pullback to retrace strong rally from the11.1300, March low. Nearby will see scope to the 11.6000 congestion then the support at the 11.5500, 24 Apr low. Break of these will open up deeper pullback to the 11.5000 figure then the 11.4800 support. Meanwhile, resistance is lowered to the 11.7000/11.7100 area and this should now cap and sustain losses from the 11.7700 high.