Break above the 1.3100 level further extend gains from the September low to reach resistance at the 1.3158, December low
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
02:15 GMT - Break above the 1.3100 level further extend gains from the September low to reach resistance at the 1.3158, December low. Pause here see prices unwinding the overbought intraday studies but further gains cannot be ruled out. Higher will see room to resistance at 1.3184 and 1.3230, 50% Fibonacci level. Gains expected given way to selling pressure later with support raised to the 1.3100/1.3050 area. Would take break here to return focus to the downside and see room to the 1.3000 level and 1.2950 support.