Daily Pivots: (S1) 1.5178; (P) 1.5273; (R1) 1.5322; More...
As noted before, the earlier break of 1.5126 reaffirms the case that corrective rise from 1.4830 has already completed at 1.5411 and intraday bias is back on the downside for 1.5032 first. Break will suggest that whole fall from 1.6380 is resuming for another low below 1.4830. In any case, outlook will stay bearish as long as 38.2% retracement of 1.6380 to 1.4830 at 1.5422 holds.
In the bigger picture, price actions from 1.3503 (2009 low) are treated as consolidations to long term down trend from 2.1161 and could have completed as a triangle pattern at 1.6380. Focus is now on 1.4229 support and sustained break there should bring long term down trend resumption for a new low below 1.3503. However, strong rebound from or above 1.4229 will indicate that the whole pattern from 1.3503 is still in progress.
IMOH, Clement I.
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