Daily Pivots: (S1) 1.3145; (P) 1.3163; (R1) 1.3186; More

A temporary low is in place at 1.3139 with 4 hour MACD crossed above signal line. Intraday bias is turned neutral first but further decline is expected as long as 1.3247 minor resistance holds. Below 1.3139 will target a test on 1.3016 low again. On the upside, however, above 1.3247 minor resistance will turn focus back to 1.3382 resistance instead.

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In the bigger picture, key cluster support of 1.3068 (38.2% retracement of 1.2061 to 1.3664 at 1.3052) remains intact. Medium term rise from 1.2061 low is in favor to resume sooner or later. Firm break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will confirm and target 1.4689 high. However, sustained break of 1.3052/68 will confirm completion of up trend from 1.2061 (2017 low). Further fall should be seen to 61.8% retracement at 1.2673 next.


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