Daily Pivots: (S1) 104.58; (P) 104.94; (R1) 105.15;
As noted before, a short term top is possibly in place at 105.30 on bearish divergence condition in 4 hours MACD, just ahead of 105.43 key resistance. Intraday bias is mildly on the downside for 103.55/104.27 support zone. Break there will indicate near term reversal and turn near term outlook bearish for extend the consolidation pattern from 105.43. Meanwhile, sustained break of 105.43 will confirm larger up trend resumption and will target 111.62 fibonacci level next.
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.
As noted before, a short term top is possibly in place at 105.30 on bearish divergence condition in 4 hours MACD, just ahead of 105.43 key resistance. Intraday bias is mildly on the downside for 103.55/104.27 support zone. Break there will indicate near term reversal and turn near term outlook bearish for extend the consolidation pattern from 105.43. Meanwhile, sustained break of 105.43 will confirm larger up trend resumption and will target 111.62 fibonacci level next.
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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