Daily Pivots: (S1) 1.5426; (P) 1.5476; (R1) 1.5533; More….
The break of 1.5482 minor resistance suggests that correction from 1.5770 might be completed at 1.5321 already. Intraday bias is turned back to the upside for retesting 1.5770 first. Break will resume medium term up trend. On the downside, below 1.5418 minor support will extend the correction lower. But after all, outlook will resume bullish as long as 1.5226 resistance turned support holds.
In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term top (2015 high) has completed at 1.3624. Rise from 1.3624 is expected to extend to retest 1.6587. We’ll hold on to this bullish view as long as 1.5226 resistance turned support holds. Firm break of 1.6587 will resume long term rise from 1.1602 (2012 low). However, sustained break of 1.5226 will indicate trend reversal and target 1.3624 again.
