Turned up from the 1.2800 level to consolidate the September losses
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
02:15 GMT - Turned up from test of the 1.2800 level as prices unwind oversold intraday studies and consolidate the September losses from the 1.3100 level. The daily and weekly are stretched as well following steep drop from the 1.3670, April YTD high, and suggest scope for corrective bounce. Bounce see resistance starting 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. Correction expected to give way to selling pressure later, below 1.2800 will see scope to 1.2775 and 1.2706 support.