[m.youssif]

As noted before, the break of break of 132.98 support suggests that whole decline form 139.99 has resumed. Intraday bias remains on the downside for 130.17 cluster support (100% projection of 139.99 to 132.98 from 137.01 at 130.00). At this point, we're still treating fall from 139.99 as a correction and hence, we'd expect strong support from 130.00/17 to contain downside and finally bring rally resumption. Above 137.01 will bring retest of 139.99 first. However, sustained break of 130.00/17 will dampen this view and turn focus back to 122.40 low instead.

In the bigger picture, as noted before, choppy fall from 163.05 is treated as second leg of the consolidation pattern that started at 2009 low of 118.81. Such decline should have completed at 122.40. In other words, the third leg of the consolidation should have started and should target 163.05 and possibly above in medium term. We'll stay bullish in the cross as long as 130.17 support holds. However, break of 130.17 will dampen this bullish view and would possibly bring another low below 122.40 before reversal.

[m.youssif]

As noted before, the break of break of 132.98 support suggests that whole decline form 139.99 has resumed. Intraday bias remains on the downside for 130.17 cluster support (100% projection of 139.99 to 132.98 from 137.01 at 130.00). At this point, we're still treating fall from 139.99 as a correction and hence, we'd expect strong support from 130.00/17 to contain downside and finally bring rally resumption. Above 137.01 will bring retest of 139.99 first. However, sustained break of 130.00/17 will dampen this view and turn focus back to 122.40 low instead.

In the bigger picture, as noted before, choppy fall from 163.05 is treated as second leg of the consolidation pattern that started at 2009 low of 118.81. Such decline should have completed at 122.40. In other words, the third leg of the consolidation should have started and should target 163.05 and possibly above in medium term. We'll stay bullish in the cross as long as 130.17 support holds. However, break of 130.17 will dampen this bullish view and would possibly bring another low below 122.40 before reversal.