Daily Pivots: (S1) 127.87; (P) 128.16; (R1) 128.57; More….
The break of 128.44 minor resistance suggests short term bottoming at 126.63. Intraday bias is turned to the upside for 130.20 resistance first. Break will pave the way for 133.12 high. Nonetheless, break of 126.63 will resume the fall from 133.12 and target a test on 124.89 low.
In the bigger picture, as long as 124.08 key resistance turn supported holds, larger up trend from 109.03 (2016 low) is still in progress. Firm break of 137.49 structural resistance will target 141.04/149.76 resistance zone next. However, decisive break of 124.08 will argue that such rise from 109.03 has completed and turn outlook bearish. In that case, deeper fall would be seen to 61.8% retracement of 109.03 to 137.49 at 119.90.
