Daily Pivots: (S1) 1.6185; (P) 1.6247; (R1) 1.6283; More…
A temporary top is formed at 1.6307 and intraday bias is turned neutral first. Further rise is expected as long as 1.6202 minor support holds. On the upside, above 1.6307 will resume the rise from 1.5976 to 1.6432 resistance first. Sustained break there will pave the way to retest 1.6786 high. On the downside, below 1.6202 minor support will turn bias back to the downside for 1.5894/5905 key support zone instead.
In the bigger picture, as long as 1.5894 support holds, outlook remains bullish. Firm break of 1.6786 will resume up trend from 1.1602 (2012 low). Next upside target is 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488. However, sustained break of 1.5894 will have 55 week EMA (now at 1.6071) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.
