The break below key-support at 124.25 has shifted the short-term bias towards the downside for a decline closer to 120.95.
Short-term, we could see a minor recovery towards 125.00 and maybe even closer to 125.27 before renewed downside pressure is expected. A break below minor support at 124.25 will confirm the next downside pressure has begun.
R3: 125.25
R2: 125.00
R1: 124.75
Pivot: 124.25
S1: 123.75
S2: 122.62
S3: 122.30
Trading recommendation:
Our stop+revers at 124.25 was hit and we have placed our new stop at 126.20.
