Failed to sustain break above the 1.2570 resistance and rejection from the 1.2634 high see prices unwinding the overbought intraday and daily studies.
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.2665 | * | 61.8% Mar/Apr fall | S1 | 1.2518/00 | * | Feb/Dec lows | |
R3 | 1.2634 | 3 May high | S2 | 1.2450 | * | congestion | ||
R2 | 1.2600 | * | 50% Mar/Apr fall | S3 | 1.2405 | * | 16 Apr low | |
R1 | 1.2570 | * | 29 Apr high | S4 | 1.2300 | ** | 22 Apr YTD low |
Asterisk denotes strength of level
01:50 GMT - Failed to sustain break above the 1.2570 resistance and rejection from the 1.2634 high see prices unwinding the overbought intraday and daily studies. However, this is expected to give way to further gains later and clear break above the 1.2600 level and 1.2634 high will see room to extend gains from the 1.2300 low to the 1.2665, 61.8% Fibonacci retracement, then the 1.2700 level. Meanwhile, support remains at the 1.2518/00 congestion which is expected to underpin and contain immediate corrective pullback.