Daily Pivots: (S1) 101.34; (P) 101.44; (R1) 101.57; More...
The choppy decline from 102.79 could extend lower and could break 101.06 support. However, we don't see enough momentum to push through 100.61/82 keys support zone. Thus, in that case, strong support should be seen around 100.61/82 to bring reversal. Meanwhile, above 101.79 will turn bias back to the upside for 102.26 and above to extend the consolidation from 100.75.
In the bigger picture, at this point, there is no confirmation of medium term reversal yet even though bearish divergence condition was clear in weekly MACD. Attention remains on 100.61 key support level and decisive break there will confirm the bearish case. In that case, deeper decline should be seen back to 38.2% retracement o 75.56 to 105.41 at 94.00. In case of another rise, we'll focus on reversal as it approaches 50% retracement of 147.68 to 75.56 at 111.62.
The choppy decline from 102.79 could extend lower and could break 101.06 support. However, we don't see enough momentum to push through 100.61/82 keys support zone. Thus, in that case, strong support should be seen around 100.61/82 to bring reversal. Meanwhile, above 101.79 will turn bias back to the upside for 102.26 and above to extend the consolidation from 100.75.
In the bigger picture, at this point, there is no confirmation of medium term reversal yet even though bearish divergence condition was clear in weekly MACD. Attention remains on 100.61 key support level and decisive break there will confirm the bearish case. In that case, deeper decline should be seen back to 38.2% retracement o 75.56 to 105.41 at 94.00. In case of another rise, we'll focus on reversal as it approaches 50% retracement of 147.68 to 75.56 at 111.62.
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