Daily Pivots: (S1) 1.0638; (P) 1.0667; (R1) 1.0711; More…
At this point, the favored case is still that correction from 1.1032 has completed at 1.0532 already. Further rise is expected to 1.0803 resistance first. However, on the downside, break of 1.0575 support will dampen this bullish view again and turn bias back to the downside.
In the bigger picture, as long as 1.0482 support holds, rise from 0.9534 (2022 low) should continue to 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273. However, sustained break of 1.0482 will bring deeper fall to 61.8% retracement of 0.9534 to 1.1032 at 1.0106, even as a corrective pull back.
