Little change, with prices locked in range below the 1.2634 high of Friday
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.2700 | * | congestion | S1 | 1.2518/00 | * | Feb/Dec lows | |
R3 | 1.2665 | * | 61.8% Mar/Apr fall | S2 | 1.2450 | * | congestion | |
R2 | 1.2634 | 3 May high | S3 | 1.2405 | * | 16 Apr low | ||
R1 | 1.2600 | * | 50% Mar/Apr fall | S4 | 1.2300 | ** | 22 Apr YTD low |
Asterisk denotes strength of level
01:50 GMT - Little change, with prices locked in range below the 1.2634 high of Friday. Prices are now unwinding the overbought intraday studies but the downside remains supported at the 1.2518/00 area. Only break here will open up deeper pullback to the 1.2450 congestion. Consolidation 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. Higher still will see scope to the 1.2700 level.