Technically speaking, we do not see a whole lot stopping the H4 candles from connecting with the 1.25 handle. Daily structure shows price could stretch as far south as 1.2390: a 61.8% daily Fib support, and weekly price appears clear down to weekly demand at 1.1919-1.2074.
As a result, should H4 price shake hands with 1.25 in upcoming sessions, a close beneath this number is a real possibility, with the prospect of 1.24ish in the near future. Well done to any of our readers who managed to take advantage of 1.26/1.2580.
Data points to consider: US CPI m/m figures and US retail sales numbers m/m at 1.30pm GMT .
Areas worthy of attention:
Supports: 1.25 handle; 1.24 handle; 1.2390.
Resistances: 1.26 handle; 1.2580; 1.2579; 1.2554-1.2510.