Daily Pivots: (S1) 0.6957; (P) 0.6973; (R1) 0.6991; More…

Break of 0.6994 resistance dampened our original bearish view. Pull back from 0.7047 is completed at 0.6910 and rebound from 0.6831 is possibly still in progress. Intraday bias is back on the upside for 0.7047 first. Break will target 61.8% retracement of 0.7295 to 0.6831 at 0.7118. On the downside, below 0.6910 will bring retest of 0.6831 low instead.

In the bigger picture, with 0.7393 key resistance intact, medium term outlook remains bearish. The decline from 0.8135 (2018 high) is seen as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.

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