Technical summary:
No change in view is observed here. We continue to watch for one more decline closer to an ideal target at 131.45 before a firm bottom is expected. A new rally higher should be expected. In the short term, we expect the minor resistance at 135.38 to protect the upside for expected downside pressure.
Only an unexpected breakout above minor resistance at 135.38 will indicate that the bottom is in place for a new impulsive rally back to 141.03 and above.
Trading recommendation:
We have placed a buy-order at 131.50 and one upon a break above 135.38 (one order done cancels the other)
