Daily Pivots: (S1) 118.35; (P) 118.71; (R1) 118.95; More….

A temporary low is formed at 118.46 with today’s recovery. Intraday bias is turned neutral first. We’re holding on to the bearish view that whole corrective rise from 115.86 has completed at 122.87 already. Current recovery should be limited well below 121.15 resistance to bring another decline. Break of 118.46 should pave the way to retest 115.86 low.

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In the bigger picture, outlook remains bearish as the cross is staying well inside falling channel established since 137.49 (2018 high). It was also just rejected by 55 week EMA. Break of 115.86 will extend the down trend from 137.49 (2018 high) to 114.84 support next.

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