There is a reversal at 1.2965 peak and the intraday bias is bearish, currently struggling above 1.2860 support zone. A break through the latter will challenge 1.2770. Crucial on the upside is 1.2904.
Yesterday's failure at 1.2860 support led to a massive rebound all the way up to 1.2945 and the pair is currently getting ready for another test of the mentioned static area. Only a violation of the latter will expose 1.2770.
Today's pullback below 104.30 should be considered corrective in nature, thus preceding another leg upwards, to 115.60 resistance zone. Major support is projected at 113.07 level.
Yesterday's break through 1.2900 has fixed a minor "double top" at 1.2985 and the bias is bearish, for a break through 1.2830, towards 1.2770. Initial intraday resistance lies at 1.2900.
The violation of 12770 peak signals a completion of the whole corrective pullback below 12840 and my outlook is bullish, for a rise towards 13000 sentiment area. Key support is projected at 12750.
The corrective pattern above 113.00 signals a bearish outlook and I favor a break through the mentioned support to initiate a slide towards 112.00 area. Initial intraday resistance lies at 113.90.
The pair did break through 113.00 support and the bias is bearish, for a tight test of 111.90 area. The latter should provide a reliable base for another upswing towards 114.30 peak.
The downtrend is intact and current rebound should be considered corrective, preceding another leg downwards, to 1.2705 area. Initial intraday resistance lies at 1.2850 and crucial on the upside is 1.2930.
Yesterday's peak at 1.2890 shows a completion of the corrective rebound above 1.2770 and the downtrend is renewed, for a slide towards 1.2705 zone. Minor intraday resistance lies at 1.2840.
