Limited on pullback from the 1.2570 high and bounce at the 1.2466 low return focus to the upside
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.2709 | * | 9 Apr high | S1 | 1.2518/00 | * | Feb/Dec lows | |
R3 | 1.2665 | * | 61.8% Mar/Apr fall | 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
02:00 GMT - Limited on pullback from the 1.2570 high and bounce at the 1.2466 low return focus to the upside and see scope for retest of the 1.2570 high. Break here will further extend gains from the 1.2300 current April year low and see room to the 1.2600 level to retrace 50% of the March/April losses. Higher still will see scope to 1.2665, 61.8% Fibonacci level. Beyond this will see room to the 1.2700/09 congestion and April high. Meanwhile, support is raised to the 1.2518/00 area then the 1.2466/50 area which should now underpin and limit pullback.