Daily Pivots: (S1) 1.0732; (P) 1.0746; (R1) 1.0769; More…
Consolidative trading continues below 1.0797 temporary top and intraday bias remains neutral first. Corrective pull back from 1.0915 should have completed at 1.0602 and further rise is expected as long as 1.0701 minor support holds. on the upside, 1.0797 will target 1.0915 resistance first. Break there will resume the whole rise from 1.0503 and target 100% projection of 1.0503 to 1.0915 from 1.0602 at 1.1014 next. On the downside, though, break of 1.0701 minor support will dampen the bullish case and turn bias back to the downside instead.
In the bigger picture, as long as 1.1059 cluster resistance (38.2% retracement of 1.2004 to 1.0503 at 1.1076) holds, price actions from 1.0503 are seen as a consolidation pattern. That is, down trend from 1.2004 (2018 high) would still extend through 1.0503 low at a later stage. However, sustained break of 1.1059/76 will argue that rise from 1.0503 is starting a new up trend and would target 61.8% retracement at 1.1431 and above.
