Daily Pivots: (S1) 110.72; (P) 111.02; (R1) 111.44; More…
The break of 111.17 minor resistance suggests that correction from 113.17 has completed with three waves down to 110.10. Intraday bias is back on the upside for 112.14 resistance first. Break there will bring retest of 113.17 high. In case of another fall, we’d continue to expect strong support from 38.2% retracement of 104.62 to 113.17 at 109.90 to contain downside and bring rebound.
In the bigger picture, corrective fall from 118.65 (2016 high) should have completed with three waves down to 104.62. Decisive break of 114.73 resistance will likely resume whole rally from 98.97 (2016 low) to 100% projection of 98.97 to 118.65 from 104.62 at 124.30, which is reasonably close to 125.85 (2015 high). This will stay as the preferred case as long as 109.36 support holds.
