Settled into consolidation from the 1.2518/40 resistance as prices unwind the overbought intraday and daily studies
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.2709 | * | 9 Apr high | S1 | 1.2450 | congestion | ||
R3 | 1.2665 | * | 61.8% Mar/Apr fall | S2 | 1.2405 | * | 16 Apr low | |
R2 | 1.2600 | * | 50% Mar/Apr fall | S3 | 1.2337 | * | Oct high | |
R1 | 1.2540 | * | 1 Apr low | S4 | 1.2300 | ** | 22 Apr YTD low |
Asterisk denotes strength of level
02:00 GMT - Settled into consolidation from the 1.2518/40 resistance as prices unwind the overbought intraday and daily studies. However, further gains not ruled out and a later clearance here will see scope to the 1.2600 level and 50% Fibonacci retracement. Meanwhile, support is raised to the 1.2450 congestion then the 1.2405/00 area which should 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.