Break above the .5985 resistance on Friday saw follow-through above the .6000 level to reach the .6050 congestion
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | .6140 | * | 61.8% Dec/Apr fall | S1 | .5985 | * | 29 Apr high | |
R3 | .6100 | * | congestion | S2 | .5950/40 | * | congestion, 1 Apr low | |
R2 | .6083 | * | 10 Apr high | S3 | .5915 | 2 May low | ||
R1 | .6050 | * | congestion | S4 | .5875 | * | 1 May low |
Asterisk denotes strength of level
00:35 GMT - Break above the .5985 resistance on Friday saw follow-through above the .6000 level to reach the .6050 congestion. Pause here see prices unwinding the overbought intraday studies though the positive daily and weekly chart bullish suggest scope for further gains going forward. Higher will see room for extension to the .6083/.6100 area then the .6140, 61.8% Fibonacci retracement. Meanwhile, support is raised to the .5985/.5950 area and this should now underpin and sustain gains from the .5875/.5852 lows.