Daily Pivots: (S1) 1.3528; (P) 1.3597; (R1) 1.3639; More…
Downside momentum is a bit unconvincing as seen in 4 hour MACD. But with 1.3665 minor support intact, intraday bias stays on the downside for 1.3448 fibonacci level next. On the upside, above 1.3665 will argue that a short term bottom is formed. In that case, lengthier consolidation could be seen before another decline.
In the bigger picture, current development suggests that whole medium term rebound from 1.1936 (2016 low) has completed at 1.4376 already, with trend line broken, on bearish divergence condition in daily MACD, after rejection from 55 month EMA (now at 1.4248). Deeper decline should be seen to 38.2% retracement of 1.1936 (2016 low) to 1.4376 at 1.3448 first. Break will target 61.8% retracement at 1.2874 and below. Outlook will stay bearish as long as 55 day EMA (now at 1.3955) holds, even in case of strong rebound.
