Remains in consolidation below the 1.2570 high with the resulting flag pattern suggest scope for break to extend gains from the 1.2300 low
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
01:45 GMT - Remains in consolidation below the 1.2570 high with the resulting flag pattern suggest scope for break to extend gains from the 1.2300 low. The intraday and daily studies are tracking higher break here will 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 remains at the 1.2518/00 congestion then the 1.2466/50 area which should now underpin and limit corrective pullback.