Daily Pivots: (S1) 114.45; (P) 114.82; (R1) 115.07; More…
Break of 114.46 minor support suggest that rebound from 113.46 is finished at 115.68. Intraday bias is back on the downside. Corrective pattern from 116.34 is extending with another falling leg. Break of 113.46 will target 112.52 support. On the upside, above 114.88 minor resistance will turn bias back to the upside for 115.68 resistance.
In the bigger picture, no change in the view that rise from 102.58 is the third leg of the up trend from 101.18 (2020 low). Such rally should target a test on 118.65 (2016 high). Sustained break there will pave the way to 120.85 (2015 high) and raise the chance of long term up trend resumption. This will remain the favored case as long as 55 week EMA (now at 111.07) holds.
