Daily Pivots: (S1) 1.6240; (P) 1.6373; (R1) 1.6458; More…
Breach of 1.6298 suggests that fall from 1.6827 is resuming. Intraday bias is back on the downside for retesting 1.6033 low. On the upside, though, break of 1.6505 resistance will turn bias back to the upside for 1.6827 resistance instead.
In the bigger picture, current development suggests that price actions form 1.9799 might be developing into a sideway pattern only. That is, medium term outlook is just neutral, and up trend from 1.1602 (2012 low) could resume at a later stage. On the downside, though, sustained trading below 55 week EMA (now at 1.6463) would revive medium term bearishness for 61.8% retracement of 1.1602 to 1.9799 at 1.4733.
