Break above the 1.3100 level further extend gains from the September low to reach 1.3142 high
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3250 | * | congestion | S1 | 1.3100 | * | Sep high | |
R3 | 1.3230 | * | 50% Apr/Sep losses | S2 | 1.3050 | * | congestion | |
R2 | 1.3184 | * | 5 Aug low | S3 | 1.3000 | * | Aug low | |
R1 | 1.3158 | ** | Dec low | S4 | 1.2950 | * | 6 Sep low |
Asterisk denotes strength of level
02:35 GMT - Break above the 1.3100 level further extend gains from the September low to reach 1.3142 high. Pause here see prices unwinding the overbought intraday studies. Daily studies are stretched as well and suggest further gains likely to struggle to clear strong resistance at the 1.3158, December low. Meanwhile, support is raised to the 1.3100/1.3050 area and this should underpin. Would take break here to return focus to the downside and see room to the 1.3000 level and 1.2950 support. Below these will return focus to the downside for retest of the 1.2900 level then the 1.2800, September YTD low.