Daily Pivots: (S1) 0.6832; (P) 0.6856; (R1) 0.6870; More…
Firm break of 0.6849 support suggests resumption of fall from 0.7031. Intraday bias is back on the downside for 0.6754 support. Decisive break there will confirm that corrective rebound form 0.6670 has completed with three waves up to 0.7031. Deeper fall should then be seen to retest 0.6670. On the upside, break of 0.6933 resistance is needed to indicate completion of the current fall. Otherwise, risk will stay on the downside in case of recovery.
In the bigger picture, with 0.7082 resistance intact, there is no clear confirmation of trend reversal yet. That is, down trend from 0.8135 (2018 high) is still expect to continue to 0.6008 (2008 low). However, decisive break of 0.7082 will confirm medium term bottoming and bring stronger rally back to 55 month EMA (now at 0.7484).
