|R1||137.20/25||break area||S1||133.85||intraday low|
|R2||140.00||**||major break level||S2||132.28||*||intraday low|
|R3||141.15||10-Dec low||S3||130.00||**||Jun-Nov 2016 congestion|
Asterisk denotes strength of level
11:15 GMT - The sharp overnight drop has bounced smartly from 132.28, as oversold intraday momentum studies unwind. Gains, however, are expected to prove difficult to maintain, as both daily and weekly readings continue to point lower. Risk is for consolidation to turn down, with a break below the 133.85 intraday low opening up 132.28. Further slippage beneath here will target significant congestion around 130.00. Resistance is at the 137.20/25 break area. However, a close above 140.00 is needed to confirm a significant low in place.