According to the shown H4 chart, below the 190.99 support bias will be turned back to the downside for 184.95 and possibly further to the 61.8% retracement of 174.86 to 195.86 at 182.88. In the bigger picture, the uptrend from 116.83 is still in progress and would target 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to 200 psychological level. The medium-term momentum is not too convincing with bearish divergence condition in the weekly MACD. We’d be cautious in the medium term topping around 200 and bringing a deep correction. Meanwhile, a break of 174.86 will suggest that the trend has reversed earlier than we expect.
Daily Pivots: (S1) 192.00; (P) 193.58; (R1) 194.01
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