Daily Pivots: (S1) 104.45; (P) 104.89; (R1) 105.16; More…
A temporary low is in place at 104.62 with 4 hour MACD crossed above signal line. Intraday bias is turned neutral first. But recovery should be limited below 106.63 resistance to bring fall resumption. Below 104.62 will target 104.20 projection level first. Sustained break there will pave the way to 98.97 (2016 low).
In the bigger picture, medium term down trend from 118.65 (2016 high) is still in progress and extending. Build up in downside momentum argues that it might be extending the whole corrective pattern from 125.85 (2015 high). 100% projection of 118.65 to 108.12 from 114.73 at 104.20 will be a key level to watch as firm break there could bring downside acceleration. And in that case, 98.97 key support level (2016 low) would at least be breached. This bearish case will now be favored as long as 108.12 support turned resistance holds.
