Consolidating above the 4.7370 support as prices unwind the oversold intraday studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 4.7955/75 | ** | Apr high, 20 Feb YTD high | S1 | 4.7370 | 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 |
04:50 GMT - Consolidating above the 4.7370 support as prices unwind the oversold intraday studies. Daily chart are stretched as well and suggest scope for corrective bounce to to resistance at the 4.7600/40 area. This is expected to cap and sustain losses from the 4.7955 high of April. Lower high sought to further pressure the downside later and break of the 4.7370 support will see room 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.