Daily Pivots: (S1) 1.3225; (P) 1.3273 (R1) 1.3332; More...
The break of 1.3213 minor support indicates that a temporary top is formed at 1.3321 and intraday bias is turned neutral. But as long as 1.3028 support holds,, rebound from 1.2625 remains mildly in favor to continue. Above 1.332 will target 61.8% retracement of 1.4246 to 1.2625 at 1.3627. However, break of 1.3028 will indicate completion of the whole rebound from 1.2625, on bearish divergence condition in 4 hours MACD and should flip bias back to the downside for 1.2625 support and possibly below.
In the bigger picture, price actions from 1.6039 are unfolding as a consolidation pattern in the long term and is in progress. Fall from 1.4939 is a falling leg inside the pattern. It's hard to anticipate the length of a leg of any complex corrective pattern. Also, price actions would likely remain choppy and indecisive with misleading momentum indicator readings. But after all, overall picture still favors deeper fall to 1.1875 support before the consolidation pattern completes. Though, sustained trading above 55 weeks EMA (now at 1.3637) will pave the way for a test on 1.4939 resistance level.
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