Daily Pivots: (S1) 132.91; (P) 133.52; (R1) 134.56; More….
The break of 133.85 resistance argue that correction from 134.48 could be completed at 131.16 already. Intraday bias is on the upside for 134.48 first. Decisive break there will confirm up trend resumption. Next target will be 61.8% projection of 127.55 to 134.48 from 131.16 at 135.44 and then 100% projection at 138.09. On the downside, below 133.23 minor support will dampen the bullish case and turn bias neutral first.
In the bigger picture, medium term rise from 109.03 (2016 low) is seen as at the same degree as the down trend from 149.76 (2014 high) to 109.03 (2016 low). 61.8% retracement of 149.76 to 109.03 at 134.20 is already met. Sustained break there will pave the way to key long term resistance zone at 141.04/149.76. However, break of 127.55 support will argue that the medium term trend has reversed and will turn outlook bearish for deeper fall back to 114.84/124.08 support zone at least.
