We will be watching how the market reacts at key points to assess the strength of the rally and whether we can expect it to surpass last week's highs or make a lower high.
Our initial observations suggest a move up towards 1360 before finding resistance, though a break of that congestion area should see 1380 and a potential new high.
The dollar remains above 80 after a powerful rally on Thursday, though the general weakness remains and we would not be surprised to see some profit taking at these levels and a return towards 79.
Support can be found at 1335, 1330-1332, 1322, 1312-1315, 1307, 1295-1300 and 1280.
Resistance can be found at 1340, 1350, 1360, 1370-1373, 1380, 1388-1391, 1395-1400, 1420 and 1435. The breakout above 1300 suggests an end to the intermediate term down trend and that a significant rally is now developing.
Today's video for subscribers looks at the recent trading in more detail and the key points to look out for in this rally.