Daily Pivots: (S1) 134.87; (P) 135.59; (R1) 136.05; More….
The pull back from 136.63 extends lower today. But at this point, we’d still downside to be contained by 134.39 resistance turned support to bring another ally. Above 136.63 will extend the larger up trend towards 61.8% projection of 114.84 to 134.39 from 132.04 at 144.12. Nonetheless, firm break of 134.39 will be an early sign of trend reversal and turn focus back to 132.04 key support.
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). It should now be targeting 141.04/149.76 resistance zone. On the downside, break of 132.04 support is needed to be the first sign of medium term reversal. Otherwise, outlook will stay bullish in case of pull back.
