Corrective pullback reached 1.2445 low ahead of rebound to regain the 1.2500 level
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.2665 | * | 61.8% Mar/Apr fall | S1 | 1.2500 | congestion | ||
R3 | 1.2635 | * | 3 May high | S2 | 1.2445 | * | 9 May low | |
R2 | 1.2600 | * | congestion, 50% | S3 | 1.2405 | * | 16 Apr low | |
R1 | 1.2570 | 29 Apr high | S4 | 1.2300 | ** | 22 Apr YTD low |
Asterisk denotes strength of level
02:05 GMT - Corrective pullback reached 1.2445 low ahead of rebound to regain the 1.2500 level. Consolidation here expected to give way to fresh gains and set up scope for retest of the 1.2570 resistance. Clearance here will see room for retest of the 1.2600 level then the 1.2635 high. Break of the latter will extend gains from the April YTD low at 1.2300 to retrace the March/April losses to the 1.2665, 61.8% Fibonacci level. Meanwhile, support is raised to the 1.2500 level ahead of the 1.2445 low, now expected to underpin and sustain gains from the April low.