Pressure remains on the upside to extend bounce from the 1.2800 level
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3100 | * | 3 Sep high | S1 | 1.2900 | * | congestion | |
R3 | 1.3074 | * | 9 Sep high | S2 | 1.2860 | * | congestion | |
R2 | 1.3000 | ** | figure, Aug high | S3 | 1.2800 | ** | figure | |
R1 | 1.2950 | * | congestion | S4 | 1.2775 | * | 24 Oct 2014 high |
Asterisk denotes strength of level
02:10 GMT - Pressure remains on the upside to extend bounce from the 1.2800 level and break above the 1.2900 level opening up extension to the 1.2950 resistance. The intraday and daily studies continues to track higher to unwind oversold readings and higher will see scope to target the 1.3000 figure. The latter expected to cap and lower high sought to pressure the downside later. Support is raised to the 1.2900 congestion and break here will return focus to the downside for retest of the 1.2860 support then the 1.2800 figure.