Daily Pivots: (S1) 1.0806; (P) 1.0873; (R1) 1.0910; More…
Break of 1.0854 minor support argues that rebound from 1.0764 has completed at 1.0944. Intraday bias is back on the downside for retesting 1.0764 low first. Firm break there will resume whole decline from 1.1274 to 1.0609/34 cluster support next. On the upside, however, break of 1.0944 resistance will argue that the corrective fall from 1.1274 has completed with three waves down to 1.0764. Further rally would then be seen to 1.1064 resistance for confirmation.
In the bigger picture, fall from 1.1274 medium term top is seen as a correction to up trend from 0.9534 (2022 low). Deeper decline would be seen to 1.0634 cluster support (38.2% retracement of 0.9534 to 1.1274 at 1.0609). Strong support could be seen there, at least on first attempt, to bring rebound. Yet, medium term outlook will be neutral for now, as long as 1.1274 resistance holds.
