Daily Pivots: (S1) 1.6123; (P) 1.6209; (R1) 1.6255; More…
A temporary top is formed at 1.6294 after failing to break through 1.6314 resistance. Intraday bias is turned neutral first. Risk will stay on the upside as long as 1.5962 support holds. Break of 1.6314 will re-affirm medium term bullishness and target 1.6432 next.
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 1.6079) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.
