Break of the 1.3550/31 support has seen extension to strong support at the 1.3512/00 area
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3700 | * | congestion | S1 | 1.3512/00 | ** | Nov high, congestion | |
R3 | 1.3670 | * | Apr high | S2 | 1.3450 | * | congestion | |
R2 | 1.3635 | ** | 18 Dec high | S3 | 1.3400 | * | 11 Dec low, congestion | |
R1 | 1.3600 | * | congestion | S4 | 1.3385 | * | 38.2% Sep/Jan rally |
Asterisk denotes strength of level
02:15 GMT - Break of the 1.3550/31 support has seen extension to strong support at the 1.3512/00 area. Bounce here see prices unwinding oversold intraday studies but negative daily chart suggest this giving way to fresh selling pressure later. Lower will see extension of losses from the 1.3750 high to retrace strong gains from the September low and see room to the 1.3450/1.3400 congestion area then the 1.3385, 38.2% Fibonacci level. Meanwhile, resistance remains at the 1.3600/1.3635 high of 18 December which is expected to cap and sustain losses from the 1.3750 high.