Daily Pivots: (S1) 1.1383; (P) 1.1434; (R1) 1.1498; More…..
With 4 hour MACD crossed below signal line, a temporary top is in place at 1.1485 and intraday bias is turned neutral first. Another rise is mildly in favor as long as 1.1364 minor support holds. Above 1.1485 will target 100% projection of 1.1215 to 1.1472 from 1.1270 at 1.1527 first. Break will target 161.8% projection at 1.1686 next. On the downside, however, break of 1.1364 minor support will suggest that the rebound is completed and turn bias back to the downside for 1.1215 low.
In the bigger picture, as long as 1.1814 resistance holds, down trend down trend from 1.2555 medium term top is still in progress and should target 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. However, break of 1.1814 will confirm completion of such down trend and turn medium term outlook bullish.
