Daily Pivots: (S1) 116.99; (P) 117.87; (R1) 118.42; More….
Break of 117.45 minor support argues that recovery from 116.33 has completed. Intraday bias is turned back to the downside for 115.86/33 key support zone. On the upside, break of 119.03 will extend recent consolidation form 115.86 with another rise leg.
In the bigger picture, outlook remains bearish as the cross is staying well inside falling channel established since 137.49 (2018 high), as well as falling 55 week EMA. As long as 122.87 resistance holds, the down trend form 137.49 should extend to 109.48 (2016 low). However, sustained break of 122.87 will indicate medium term bullish reversal.
