Daily Pivots: (S1) 1.5753; (P) 1.5846; (R1) 1.5904; More….
Break of 1.5823 minor support indicates short term topping at 1.5816, on bearish divergence condition in 4 hour MACD. Intraday bias is turned to the downside for pull back. At this point, we’d expects strong support from 1.5626 to contained downside to bring rebound. But break of 1.5976 is needed to confirm up trend resumption. Otherwise, more consolidation would be seen first.
In the bigger picture, medium term rise from 1.3624 is still in progress for 1.6587 key resistance. At this point, we’d be cautious on strong resistance from there to limit upside. But decisive break will confirm resumption of long term rise from 1.1602. On the downside, break of 1.5153 support is needed to indicate completion of the medium term rise. Otherwise, outlook will remain bullish in case of pull back.