Daily Pivots: (S1) 1.5761; (P) 1.5825; (R1) 1.5859; More….
A temporary top is in place at 1.5887 and intraday bias is turned neutral for some consolidations first. Another rise is expected as long as 1.5596 support holds. On the upside, above 1.5887 will target 1.5984 support turned resistance. Break will bring retest of 1.6357 high. However, break of 1.5596 will indicate completion of the rebound and target 1.5346 support.
In the bigger picture, no change in the view that 1.6357 is a medium term top. But the strong rebound ahead of 1.5271 cluster support (38.2% retracement of 1.3624 to 1.6357 at 1.5313) suggests price actions from 1.6357 are developing into sideway consolidation, rather than a deep correction. The range of 1.5271/6357 is likely set for the consolidation. And we don’t expect a break of the range any time soon. But decisive break of 1.6357 will resume the larger up trend from 1.3624 (2017 low) to 1.6587 (2015 high).
