Extending sharp gains from the 1.2300 low to reach resistance at the 1.2500/18 area
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.2665 | * | 61.8% Mar/Apr fall | S1 | 1.2405 | * | 16 Apr low | |
R3 | 1.2600 | * | 50% Mar/Apr fall | S2 | 1.2337 | * | Oct high | |
R2 | 1.2540 | * | 1 Apr low | S3 | 1.2300 | ** | 22 Apr YTD low | |
R1 | 1.2500/18 | ** | Dec/Feb lows | S4 | 1.2261 | 14 Nov low |
Asterisk denotes strength of level
02:00 GMT - Extending sharp gains from the 1.2300 low to reach resistance at the 1.2500/18 area. Pause here see prices unwinding the overbought intraday studies though the daily studies are still positive and suggest scope for stronger bounce to the 1.2540 resistance. Higher still will see scope to the 1.2600 level and 50% Fibonacci retracment. Meanwhile, support is raised to the 1.2405/00 area and this now underpin. A later break here will open up the 1.2337 support then the 1.2300 low to retest. Below this will see room to the 1.2261 support and 1.2200 congestion.