Daily Pivots: (S1) 1.0231; (P) 1.0275; (R1) 1.0306; More….
Breach of 1.0228 suggests resumption of fall from 1.0513. Intraday bias is back on the downside for 1.0086 support. As noted before, corrective rebound from 0.9970 could have completed at 1.0513. Break of 1.0086 will bring retest of 0.9970. On the upside, though, break of 1.0335 minor resistance will turn bias back to the upside for 1.0513 resistance.
In the bigger picture, as long as 1.0505 support turned resistance (2020 low) holds, long term down trend from 1.2004 (2018 high) is expected to continue. Next target is 100% projection of 1.2004 to 1.0505 to 1.1149 at 0.9650. However, firm break of 1.0505 will suggest medium term bottoming, and bring stronger rebound towards 1.1149 structural resistance.
