Daily Pivots: (S1) 1.4328; (P) 1.4373; (R1) 1.4423; More
As discussed before, a short term bottom is in place at 1.4217 and rebound from there might extend further towards 38.2% retracement of 1.5143 to 1.4217 at 1.4571. Nevertheless, upside should be limited by 61.8% retracement at 1.4789 and bring fall resumption. Below 1.4217 will target 38.2% retracement of 1.2329 to 1.5143 at 1.4068 next.
In the bigger picture, medium term rise from 1.2456 has completed at 1.5143 on bearish divergence conditions in daily MACD. Focus now turns to 1.3737 cluster support (50% retracement of 1.2329 to 1.5143 at 1.3736). Decisive break there will also confirm the case that three wave consolidation from 1.2329 has finished at 1.5134 too. In other words, whole medium term term fall fro 1.6039 should be resuming for a new low below 1.2329. On the upside, above 1.5143 is needed to invalidate this view. Otherwise, outlook will now remain bearish.
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