According to the attached H4 chart, consolidation pattern from 195.86 is not completed yet. Thus, we expect strong resistance from 195.86 to limit upside and bring reversal. Meanwhile, a break of 190.99 will start the third leg of the consolidation and will target the 184.95 support. 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 the 200 psychological level. 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 bring a deep correction. Meanwhile, a break of 174.86 will suggest that the trend has reversed earlier than we expected.
Daily Pivots: (S1) 193.25; (P) 194.13; (R1) 194.81;
The material has been provided by InstaForex Company – www.instaforex.com