Edged up from the 1.2405 low as prices consolidate the steep drop from the 1.2700 level
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.2650 | * | congestion | S1 | 1.2405 | ** | 16 Apr YTD low | |
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
01:50 GMT - Edged up from the 1.2405 low as prices consolidate the steep drop from the 1.2700 level and unwind oversold intraday studies. However, the upside still limited below resistance at the 1.2500/18 congestion and February low. Would take break here to open up room for stronger correction to the 1.2540 resistance and 1.2600 congestion. Meanwhile, break of the 1.2405 low and 1.2400 level 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.