Daily Pivots: (S1) 1.6044; (P) 1.6076; (R1) 1.6107; More…
With 1.6208 minor resistance intact, further fall is expected to retest 1.5905 low. Decisive break there will resume larger down trend. On the upside, though, break of 1.6208 minor resistance will turn bias back to the upside for 1.6432 resistance instead.
In the bigger picture, as long as 1.5894 support holds, outlook remains bullish. Firm break of 1.6786 will resume up trend from 1.1602 (2012 low). Next upside target is 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488. However, sustained break of 1.5894 will have 55 week EMA (now at 1.6058) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.
