Daily Pivots: (S1) 1.5356; (P) 1.5425; (R1) 1.5516; More….

Break of 1.5446 resistance revives that case that pull back from 1.5770 is already completed at 1.5153. Intraday bias is turned back to the upside for retesting 1.5770. Break will resume whole medium term rise from 1.3624. This will remain the favored case as long as 1.5259 minor support holds.

In the bigger picture, price actions from 1.5770 so far suggests that it’s corrective in nature. That is, medium term rise from 1.3624 is not completed yet. Break of 1.5770 will extend the rise to retest 1.6587 (2015 high). However, considering bearish divergence condition in daily MACD, sustained break of 1.4949 cluster support (38.2% retracement of 1.3624 to 1.5770 at 1.4950) will indicate medium term reversal. And there is prospect of retesting 1.3624 low in that bearish case.

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