Turned up from the 1.2800 level as prices unwind oversold the intraday studies to reach the 1.2883/1.2900 resistance
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
02:20 GMT - Turned up from the 1.2800 level as prices unwind oversold the intraday studies to reach the 1.2883/1.2900 resistance. The daily and weekly are stretched as well following steep drop from the 1.3670, April YTD high, and suggest scope for stronger corrective bounce. Above the 1.2900 level will ease the downside pressure and see room to the 1.2950 and 1.3000 congestion, which is expected to cap. Corrective gains seen giving way to renewed selling pressure later, break of the 1.2800 level will see scope to 1.2775 and 1.2706 support.