Daily Pivots: (S1) 0.6774; (P) 0.6790; (R1) 0.6815; More…
A temporary low is formed at 0.6760 and intraday bias is turned neutral first. But overall outlook is unchanged that corrective rise from 0.6677 has completed at 0.6894. Risk continues to stay on the downside as long as 0.6894 resistance holds. On the downside, below 0.6760 will target a test on 0.6677 low. Break will resume larger down trend.
In the bigger picture, decline from 0.8135 (2018 high) is seen as resuming the long term down trend from 1.1079 (2011 high). Next target is 0.6008 (2008 low). On the upside, break of 0.7082 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish even in case of strong rebound.
