Clear break above the 1.3050 congestion has seen gains to reach the 1.3100 level
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3184 | * | 5 Aug low | S1 | 1.3000 | * | Aug low | |
R3 | 1.3158 | ** | Dec low | S2 | 1.2950 | * | 6 Sep low | |
R2 | 1.3125 | * | 38.2% Apr/Sep fall | S3 | 1.2900 | * | congestion | |
R1 | 1.3100 | * | 3 Sep high | S4 | 1.2860 | * | congestion |
Asterisk denotes strength of level
02:10 GMT - Clear break above the 1.3050 congestion has seen gains to reach the 1.3100 level before settling back to consolidate strong run-up from the 1.2800 level. Prices are unwinding the oversold intraday and daily studies and see room for break of the 1.3050 support to trigger deeper pullback to the 1.3000 level which is expected to underpin. Break here will return focus to the downside and see room to the 1.2950/00 congestion. Meanwhile, break above the 1.3100 high will see room for extension to the 38.2% Fibonacci retracement at 1.3125 then 1.3158, December low.