Daily Pivots: (S1) 1.5380; (P) 1.5410; (R1) 1.5464; More…
Break of 1.5523 minor resistance suggests that a short term bottom is formed at 1.5354, on bullish convergence condition in 4 hour MACD. Intraday bias is back on the upside for stronger rebound, towards 55 day EMA (now at 1.5803). On the downside, break of 1.5354 will resume the fall from 1.6434 to retest 1.5250 low. Sustained break there will confirm resumption of larger down trend.
In the bigger picture, the down trend from 1.9799 (2020 high) is in progress. Firm break of 1.5250 low will confirm resumption nand target 61.8% retracement of 1.1602 (2012 low) to 1.9799 at 1.4733. Sustained break there could bring more downside acceleration to 61.8% projection of 1.9799 to 1.5250 from 1.6434 at 1.3623. In any case, break of 1.6434 resistance is needed to signal medium term bottoming, or outlook will stay bearish.
