Extending consolidation above the 1.2883 low but pressure remains on the downside
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3100/15 | * | congestion, 22 Aug high | S1 | 1.2883 | ** | 18 Sep YTD low | |
R3 | 1.3074 | * | 9 Sep high | S2 | 1.2860 | ** | Jul, Aug 2013 year highs | |
R2 | 1.3000 | * | figure, Aug high | S3 | 1.2825 | * | Jan 2014 high | |
R1 | 1.2953 | * | 6 Sep low | S4 | 1.2800 | * | figure |
Asterisk denotes strength of level
02:20 GMT - Extending consolidation above the 1.2883 low but pressure remains on the downside. Break will see room for further extension to strong support at the 1.2860 and 1.2825, 2013 year high and Jan 2014 high. However, oversold daily and weekly studies caution corrective bounce with resistance now starting at the 1.2953 low of last week then the 1.3000 figure. Would need to regain these to ease downside pressure and see room for stronger bounce to the correct steep losses from the 1.3600 level and see room to resistance at 1.3074 then the 1.3100/15 area.