Daily Pivots: (S1) 110.63; (P) 111.01; (R1) 111.35; More…
Break of 110.74 temporary low indicates correction from 113.17 has resumed. Intraday bias is back to the downside for 38.2% retracement of 104.62 to 113.17 at 109.90. Strong support should be seen from 109.90 to contain downside and bring rebound. On the upside, break of 111.53 minor resistance will turn bias to the upside for retesting 113.17 high first.
In the bigger picture, corrective fall from 118.65 (2016 high) should have completed with three waves down to 104.62. Decisive break of 114.73 resistance will likely resume whole rally from 98.97 (2016 low) to 100% projection of 98.97 to 118.65 from 104.62 at 124.30, which is reasonably close to 125.85 (2015 high). This will stay as the preferred case as long as 109.36 support holds.
