Pressure remains on the upside but no follow-through on break above 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
02:35 GMT - Pressure remains on the upside but no follow-through on break above the 1.3100 level. Bullish momentum shows signs of fading and higher see strong resistance at the 1.3125/1.3158, 38.2% Fibonacci level and December low. This area is expected to cap and lower high sought to pressure the downside later. Meanwhile, support remains at the 1.3000 level which now underpin. Would take break here to return focus to the downside and see room to the 1.2950 support. Below the latter will return focus to the 1.2900 level then the 1.2800, September YTD low.