Break of the 1.2518/00 support extending pullback from the 1.2634 high
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.2665 | * | 61.8% Mar/Apr fall | S1 | 1.2466 | 1 May low | ||
R3 | 1.2634 | * | 3 May high | S2 | 1.2450 | * | congestion | |
R2 | 1.2600 | * | congestion | S3 | 1.2405 | * | 16 Apr low | |
R1 | 1.2570 | 29 Apr high | S4 | 1.2300 | ** | 22 Apr YTD low |
Asterisk denotes strength of level
01:35 GMT - Break of the 1.2518/00 support extending pullback from the 1.2634 high as prices unwind the overbought daily studies and retrace rally from the 1.2300, Apr YTD low. Nearby see room to the 1.2466 support then the 1.2450 congestion. Below this will see room for deeper pullback to the 1.2405/00 area. Correction is expected to give way to buying interest later and break above the 1.2570 resistance will expose the 1.2600 level and 1.2634 high to retest. Clearance here will see room to the 1.2665, 61.8% Fibonacci retracement, then the 1.2700 level.