Daily Pivots: (S1) 0.7422; (P) 0.7442; (R1) 0.7457; More…
Despite some loss of upside momentum, with 0.7394 minor support intact, intraday bias stays on the upside for 0.7503 support turned resistance. Correction from 0.8006 should have completed at 0.7105 already. Sustained break of 0.7530 will pave the way to retest 0.8006 high. On the downside, break of 0.7394 minor support will turn intraday bias neutral and bring consolidations first.
In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action form 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.
