The slide form 1.2070 is still intact and next major support lies at 1.1830. Key resistance on the upside is projected at 1.1950 and a violation of the latter will signal a reversal of the negative bias.
Yesterday's test of 1.1830 support shows a reversal of the whole slide since 1.2070 peak and the bias is already positive, for rise towards 1.1950 area. Initial minor support lies at 1.1860.
The pattern above 1.1830 is corrective in nature and keeping in mind the recent "pin bar"on the daily frame (29.08), there is a risk of breaking lower, through 1.1830, towards 1.1660 support. Intraday allow another leg upwards, to 1.1980 resistance zone.
Despite the bearish intraday bias, my outlook is counter-trend, for a reversal above 1.2880, towards 1.3050 hurdle. Trigger on the upside lies at 1.2960.
Yesterday's reversal at 1.2907 has started a rise, which is currently testing 1.3050 resistance. My outlook is positive above 1.2990, for a break through 1.3050, towards 1.3150 area. On the senior frames the whole rebound after 1.2770 seems corrective, so pay attention to the key low at 1.2907, as a break there will trigger a sell-off towards last month's low.
The bias is still positive above 1.2990, for a possible test of 1.3150 area. Crucial on the downside is 1.2910 is a violation of that area will challenge 1.2770 low again.
The slide to 1.3157 should be considered corrective and the risk of a tight test at 1.3260 is still vivid. The mentioned peak should be able to provoke a reversal for a deeper consolidation towards 1.3000 area.
The test of 1.3340 resistance has failed and the sell-off broke through 1.3220 support, so the pair is heading for a test of 1.3157 area. Initial intraday resistance lies at 1.3250.
Yesterday's precise test of 1.3157 support failed and the rebound which followed is still active, heading for 1.3440, en route to 1.3530. Key support lies at 1.3340.
The acceleration of the uptrend led to test of 1.3635 resistance area and current pullback should be considered corrective, preceding another leg towards 1.3830 area. Key support is projected at 1.3440.
The sharp reversal at 1.3655 signals a negative bias, for a test of 1.3440 support and a break through that area will challenge 1.3340 zone. Initial intraday resistance lies at 1.3530.
The intraday bias is neutral as the pair is trading in the middle of 1.1830-1.2070 range. I favor a break on the upside to target 1.2070, en route to 1.2240.
My outlook remains bearish, for a break through 111.10, en route to 109.30. Initial minor resistance lies at 111.90 and crucial on the upside is 112.50.
