The 2.50 - 3.50 area is a huge wall. The PPS was trapped there for a year from 3/15 to 3/16 and there will be a lot of sellers who are glad to get even if we get into that area. It will probably take a positive PR to break thru it.
If you check the 5 minute chart, you will see that a big buyer came in just after 12 PM EST. PPS had settled in at 1.24 and then gapped up to 1.32 with fairly big volume. Let's see if today's move holds. Hopefully somebody knows something and wanted in today.