Daily Pivots: (S1) 1.1032; (P) 1.1127; (R1) 1.1198; More…
With 4 hour MACD crossed above signal line, intraday bias is turned neutral first. On the downside, below 1.1055 will reaffirm the case that rebound from 1.0777 has completed at 1.1496. Intraday bias will be back to the downside for retesting 1.0777. On the upside, however, above 1.1250 minor resistance will turn bias to the upside for 1.1496 resistance again.
In the bigger picture, rebound from 1.0777 low faced heavy rejection from 38.2% retracement of 1.2555 to 1.0777 at 1.1456, as well as 55 month EMA. The development argues that price actions from 1.0777 medium term pattern are just corrective the down trend from 1.2555 (2018 high). Further decline is in favor to retest 1.0339 (2017 low). Nevertheless, sustained break of 1.1456 will raise the chance of medium term bullish reversal and target 61.8% retracement at 1.1876.
