Daily Pivots: (S1) 1.0822; (P) 1.0847; (R1) 1.0860; More…
The break of 1.0837 suggests that correction from 1.0986 is resuming. Intraday bias is mildly on the downside for deeper fall. Still, we’d expect strong support from 1.0791/0872 support zone to bring rebound. On the upside, break of 1.0908 resistance will argue that such correction is completed and turn bias to the upside for retesting 1.0987/0999 resistance zone.
In the bigger picture, the price actions from 1.1198 are seen as a corrective move. Such correction could have completed after defending 38.2% retracement of 0.9771 to 1.1198 at 1.0653. Decisive break of 1.0999 resistance will target a test on 1.1198 high. For now, this will be the preferred case as long as 1.0791 support holds.
