Top of falling daily Ichimoku cloud is for now holding attempts through strong support zone between 1.2422 and 1.2404 (55/100 SMA’s/daily cloud top). Series of lower lows from 1.2580 (09 Feb high/recovery rejection), keep near-term bias at the downside, together with weakening daily studies that support negative scenario. Upticks are facing strong barrier, thick hourly cloud (spanned between 1.2451/91) that is expected to cap upside attempts. Clear break below 1.2400 is needed to signal fresh weakness towards 1.2345 (50% of 1.1986/1.2704 upleg/daily Kijun-sen), with 1.2282/60 ( daily cloud base/Fibo 61.8%) in extension. Conversely, sustained break above hourly cloud and 20 SMA (1.2514) would shift focus higher and expose upper pivots at 1.2550/80.
Res: 1.2433, 1.2463, 1.2480, 1.2508
Sup: 1.2404, 1.2386, 1.2345, 1.2282
