Limited on break of the parity level as prices settled back to consolidate gains from the .9710, March YTD low
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.0175 | * | 10 Oct high | S1 | .9900 | * | congestion | |
R3 | 1.0120 | * | 61.8% Aug/Dec fall | S2 | .9860/50 | * | 10 Apr low, congestion | |
R2 | 1.0065 | ** | 29 Jan YTD high | S3 | .9800 | * | 29 Mar low | |
R1 | 1.0000/20 | * | parity, 12 Apr high | S4 | .9725/10 | * | congestion, 12 Mar YTD low |
Asterisk denotes strength of level
07:00 GMT - Limited on break of the parity level as prices settled back to consolidate gains from the .9710, March YTD low. However, further gains not ruled out and clear break of the parity level will open up the 1.0065 January YTD high to retest and see scope to extend the broader gains from the December low. Higher will see room to the 1.0120/1.0175, 61.8% Fibonacci retracement and 10 October high. Meanwhile, pullback see the .9900 congestion now expected to underpin. Would take break here to open up deeper pullback to the .9850/.9800 area. Break of the latter will return focus to the .9710 low.