Daily Pivots: (S1) 107.00; (P) 107.36; (R1) 107.68; More…
A temporary low is in place at 107.04 with 4 hour MACD crossed above signal line. Intraday bias is turned neutral for some consolidations. But upside should be limited by 108.80 resistance to bring fall resumption. On the downside, break of 107.04 will pave the way to retest 104.69 low. Nevertheless, firm break of 108.80 will indicate short term bottoming and bring stronger rebound back to 110.67 resistance.
In the bigger picture, decline from 118.65 (Dec 2016) is still in progress, with the pair staying inside long term falling channel. Break of 104.62 will target 100% projection of 118.65 to 104.62 from 114.54 at 100.51. For now, we’d expect strong support above 98.97 (2016 low) to contain downside to bring rebound.
