Break to fresh low has seen losses just shy of the 1.2400 level
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.2650 | * | congestion | S1 | 1.2400 | * | congestion | |
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 - Break to fresh low has seen losses just shy of the 1.2400 level as prices unwind the oversold intraday studies. Bounce at the 1.2405 low see prices consolidating steep drop from the 1.2700 level but upside likely to remain limited with resistance at the 1.2500/18 congestion and February low now expected to cap. Only above here will see room for stronger correction to the 1.2540 resistance and 1.2600 congestion. Meanwhile, break of the 1.2400 level will will 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.