Despite the neutral intraday bias I still favor a higher rebound, through 1.1660, to 1.1720 area. The latter is expected to cap the upside and to provoke a large scale move towards 1.1480. Key intraday support lies at 1.1600.
Yesterday's attempts at 1.1600 support failed and the intraday bias is positive, for a brief rise to 1.1720 hurdle. The latter should set the beginning of a slide towards 1.1480 area.
The furious sell-off after MPC meeting broke through 1.3220 support, dashing all the way down to 1.3020 lows, thus showing, that a large scale move is underway, towards 1.2760. Current rebound shouldbe considered corrective, preceding a slide towards 1.2910. Initial intraday resistance lies at 1.3080, followed by 1.3150.
The climb above 1.3130 resistance has neutralized the bearish intraday bias, but my outlook is rather counter-trend, for a reversal and return below 1.3130, en route to 1.3020.
Allow an intraday dip to 1.3090 before climb to 1.3220 resistance. The latter should cap the upside, for a renewal of the general downtrend towards 1.2910.
Yesterday's precise dip to 1.3090 support area has started the third and hopefully the final leg of the whole consolidation above 1.3030 so the intraday bias is positive, for 1.3220 resistance. The latter should reinstate the slide towards 1.2910.
The recent rise peaked precisely at 1.3220 resistance and the reversal at that zone signals a completion of the whole corrective rebound above 1.3030 low. My outlook is bearish, for a break through 1.3085 static support, towards 1.3020, en route to 1.2910.
Today's slide bottomed at 1.1720 and although there is a risk of a dip to 1.1690, my outlook is already counter-trend, for a reversal and rise towards 1.1780 area. Initial hurdle lies at 1.1760.
The failure below 1.1820 shows negative bias, for a slide to 1.1690 support zone and the latter should provide a reliable base for an upswing towards 1.1780.
The sell-off has reached 111.00 support area and the latter is expected to provoke a rebound towards 111.90 intraday resistance. Crucial on the upside is 112.70 and only a violation of that area will signal a reversal of the slide from 114.70.
The intraday spike to 1.1960 could be a finale of the rise since 1.1710 low and my outlook here is bearish, for a violation of 1.1870 support, towards 1.1770.
After the yesterday downtrend and the unsuccessful test at 1.1825, the forcast is positive for another test at 1.1920. If the breakthrough of support in 1.1825 is successful, the next support will be at 1.1738.
