Pressure remains on the upside and break above 1.2950 resistance see scope to target the 1.3000 figure
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3158 | * | Dec 2023 low | S1 | 1.2900 | * | congestion | |
R3 | 1.3100/15 | * | 3 Sep, 22 Aug highs | S2 | 1.2860 | * | congestion | |
R2 | 1.3074 | * | 9 Sep high | S3 | 1.2800 | ** | figure | |
R1 | 1.3000 | ** | figure, Aug low | S4 | 1.2775 | * | 24 Oct 2014 high |
Asterisk denotes strength of level
02:30 GMT - Pressure remains on the upside and break above 1.2950 resistance see scope to target the 1.3000 figure and August low. Would expect reaction here to unwind the overbought intraday studies though positive daily chart suggest consolidation here giving way to further gains later. Higher will see scope to the 1.3074 resistance then the 1.3100/15 area. Corrective gains are expected to give way to renewed selling pressure later. Support is raised to the 1.2950/00 congestion area and see break here needed to return focus to the downside for retest of the 1.2860 congestion the 1.2800 figure.