October and November highs at 1.1175/80 yesterday and above it remains the current December peak at 1.1200.

“Further up the 55 week moving average can be spotted at 1.1208 and the August peak at 1.1249. Still higher up meanders the 200 week moving average at 1.1358 which remains in focus for the weeks to come. It represents a critical break point on the topside from a medium term perspective. Support below the 1.1116/01 December 4 high and December 13 low sits at the 1.1097 November 21 high. Much further down lies the December 6 low at 1.1040. Failure at 1.0981 would target the 78.6% Fibonacci retracement at 1.0943. This is seen as the last defence for the 1.0879 October low. If revisited, we would look for signs of reversal from there.”