Yesterday's consolidation above 1.2360 was followed by a brief rise to 1.2450, finalizing the whole rise since 1.2160 low. The outlook is bearish below 1.2360, for 1.2250, en route to 1.2160.
The bias is positive after the break though 1.4000, for a continuation of the rise towards 1.4150. Initial support lies at 1.4000 and crucial on the downside is 1.3900.
The uptrend is intact and there is a risk of a further rise to 1.4280 before reversal and completion of the whole upmove since 1.3710. Initial intraday support lies at 1.4080 and crucial on the downside is 1.3980.
The short-lived spike to 1.4220 could be the finale of the whole rise since 1.3710 low and my outlook is bearish, for a break through 1.4075 support, towards 1.3910.
The uptrend is approaching 1.4280 resistance, so a reversal can be expected and a slide through 1.4075 key support will signal a completion of the whole rise since 1.3710.
The massive sell-off at 1.4240 shows a reversal of the whole upmove since 1.3710 and the outlook here is bearish, for a slide through 1.4075, towards 1.3910.
Thursday's test of 1.2280 dynamic support has failed and an intraday break through 1.2330 will challenge 1.2380 resistance area. The latter should reinstate the bearish bias, for a slide towards 1.2160.
The reversal at 1.2210 signals a completion of the slide since 1.4276 peak and the bias is bullish, for a rise towards 1.2420 area. Initial intraday support lies at 1.2290 and crucial on the downside is 1.2260.
