Daily Pivots: (S1) 103.82; (P) 104.74; (R1) 105.38; More..
Breach of 103.22 minor support suggests that recovery form 101.18 has completed at 105.91. Intraday bias is turned back to the downside for 101.18 low. Break will resume larger down trend to 98.97 support next. On the upside, break of 105.91 will extend the corrective rise to 61.8% retracement of 112.22 to 101.18 at 108.00 instead.
In the bigger picture, fall from 118.65 (Dec 2016) is still in progress. It’s seen as part of a larger consolidative pattern from 125.85 (2015 high). Such decline could could extend through 98.97 (2016 low). For now, risk will remain on the downside as long as 112.22 resistance holds, even in case of rebound.
