Consolidation above the 1.2427 low of last week has given way to fresh selling pressure
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.2650 | * | congestion | S1 | 1.2400 | * | congestion | |
R3 | 1.2600 | * | congestion | S2 | 1.2365 | * | 61.8% Oct/Mar rally | |
R2 | 1.2540 | * | 1 Apr low | S3 | 1.2337 | * | Oct high | |
R1 | 1.2500/18 | * | Dec/Feb lows | S4 | 1.2300 | * | congestion |
Asterisk denotes strength of level
01:45 GMT - Consolidation above the 1.2427 low of last week has given way to fresh selling pressure. Focus now turn to the 1.2400 level and break here will see room to further extend the March losses and see scope to 1.2365, 61.8% Fibonacci retracement. Lower still will see scope to the 1.2337/1.2300 support. Meanwhile, resistance is lowered to the 1.2500/18, December and February lows. This area now expected to cap and sustain the bearish structure from the March YTD high. Only above here will see room for stronger correction to the 1.2540 resistance and 1.2600 congestion.