Limited on break of the 1.2800 level as prices steadied at the 1.2790 low to consolidate the September losses from the 1.3100 level
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3074 | * | 9 Sep high | S1 | 1.2800 | ** | figure | |
R3 | 1.3000 | ** | figure, Aug low | S2 | 1.2775 | * | 24 Oct 2014 high | |
R2 | 1.2950 | * | congestion | S3 | 1.2706 | * | 29 Oct 2014 low | |
R1 | 1.2883/00 | * | 18 Sep low, congestion | S4 | 1.2677 | * | 9 Oct 2014 month low |
Asterisk denotes strength of level
02:30 GMT - Limited on break of the 1.2800 level as prices steadied at the 1.2790 low to consolidate the September losses from the 1.3100 level. However, pressure remains on the downside and further losses not ruled out. Lower will see scope to the 1.2775 and 1.2706 support. However, the daily and weekly remains stretched following steep drop from the 1.3670, April YTD high, and caution corrective bounce. Resistance is at the 1.2883/1.2900 area and break here needed to ease the downside pressure and see room for stronger correction to the 1.2950 and 1.3000 congestion.