Daily Pivots: (S1) 1.3145; (P) 1.3163; (R1) 1.3186; More…
A temporary low is in place at 1.3139 with 4 hour MACD crossed above signal line. Intraday bias is turned neutral first but further decline is expected as long as 1.3247 minor resistance holds. Below 1.3139 will target a test on 1.3016 low again. On the upside, however, above 1.3247 minor resistance will turn focus back to 1.3382 resistance instead.
In the bigger picture, key cluster support of 1.3068 (38.2% retracement of 1.2061 to 1.3664 at 1.3052) remains intact. Medium term rise from 1.2061 low is in favor to resume sooner or later. Firm break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will confirm and target 1.4689 high. However, sustained break of 1.3052/68 will confirm completion of up trend from 1.2061 (2017 low). Further fall should be seen to 61.8% retracement at 1.2673 next.
