Daily Pivots: (S1) 1.3048; (P) 1.3084 (R1) 1.3151; More.....
Break of 1.3126 minor resistance suggests that pull back from 1.3308 might be finished at 1.2997 already. Intraday bias is back on the upside for retesting 1.3308 first. Break will resume larger rise from 1.2420. On the downside, below 1.2997 will extend the pull back to 61.8% retracement of 1.2661 to 1.3308 at 1.2908. At this point, we're still viewing fall from 1.3308 as a correction and thus expect strong support from 1.2876 to contain downside and bring rebound.
In the bigger picture, fall from 1.4939 is treated as a falling leg inside the consolidation pattern that started at 1.6039 (2008 high). Such decline should have completed at 1.2042 already. Break of 1.3486 will confirm and should pave the way to 1.5 psychological level in medium term. We'd now stay bullish as long as 1.2661 support (50% retracement of 1.2042 to 1.3308 at 1.2675) holds.
IMOH, Clement I
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