[m.youssif]

A temporary top is in place at 1.3234 after touching 100% projection of 1.2401 to 1.3203 from 1.2432 at 1.3234. Intraday bias is turned neutral and some sideway consolidation could be seen. On the upside, above 1.3234 will bring another rise to 55 weeks EMA (now at 1.3434) to extend the consolidation from 1.2401. On the downside, below 1.3038 will flip bias to the downside for 1.2736 support. Break there will argue that consolidation from 1.2401 has possibly finished and will bring retest on this low.

In the bigger picture, whole down trend from 1.6287 (2007 high) is still in progress and in any case, medium term outlook will remain bearish as long as 1.3833 resistance holds. The current down trend would likely continue through 1.2 psychological level towards 100% projection of 1.5138 to 1.2765 from 1.3833 at 1.1460, which is close to long term projection level at 1.1516. However, break of 1.3833 will confirm medium term bottoming and should bring strong rebound to 1.4315 resistance and above.

[m.youssif]

A temporary top is in place at 1.3234 after touching 100% projection of 1.2401 to 1.3203 from 1.2432 at 1.3234. Intraday bias is turned neutral and some sideway consolidation could be seen. On the upside, above 1.3234 will bring another rise to 55 weeks EMA (now at 1.3434) to extend the consolidation from 1.2401. On the downside, below 1.3038 will flip bias to the downside for 1.2736 support. Break there will argue that consolidation from 1.2401 has possibly finished and will bring retest on this low.

In the bigger picture, whole down trend from 1.6287 (2007 high) is still in progress and in any case, medium term outlook will remain bearish as long as 1.3833 resistance holds. The current down trend would likely continue through 1.2 psychological level towards 100% projection of 1.5138 to 1.2765 from 1.3833 at 1.1460, which is close to long term projection level at 1.1516. However, break of 1.3833 will confirm medium term bottoming and should bring strong rebound to 1.4315 resistance and above.