Daily Pivots: (S1) 1.2801; (P) 1.2821; (R1) 1.2845; More

A temporary low is formed at 1.2781 with 4 hour MACD crossed above signal line, after hitting lower channel support. intraday bias is turned neutral for some consolidations. Still, outlook remains bearish as long as 1.3081 resistance holds. Below 1.2781 will extend whole decline from 1.3385 to next fibonacci level at 1.2567, which is close to 1.2526 support.

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In the bigger picture, the firm break of 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level argues that whole choppy rebound from 1.2061 has completed at 1.3385 already. Deeper fall would be seen back to 61.8% retracement at 1.2567, which is close to 1.2526 support and possibly below. For now, we’re not seeing fall from 1.3385 as resuming larger down trend from 1.4689 (2015 high) yet. Thus, we’ll look for bottoming signal again below 1.2567.

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