Daily Pivots: (S1) 0.9895; (P) 0.9913; (R1) 0.9938; More…
Break of 0.9929 suggests resumption of rebound form 0.9659. Intraday bias is back on the upside for 0.9975. Brea there will target 1.0237 high. However, below 0.9889 minor support will turn intraday bias neutral first. Break of 0.9798 will target 0.9713 next.
In the bigger picture, the structure of the fall from 1.0237 suggests that it’s a corrective move. Break of 0.9975 will argue that such correction has completed at 0.9659, ahead of 61.8% retracement of 0.9186 to 1.0237 at 0.9587. But decisive break of 1.0237 is needed to indicate up trend resumption. Otherwise, medium term outlook will stay neutral first. Meanwhile, break of 0.9695 support will extend the correction to 0.9541 support instead.
