Daily Pivots: (S1) 1.0674; (P) 1.0697; (R1) 1.0717; More…
Break of 1.0688 suggests resumption of fall from 1.0877. Such decline is seen as the third leg of the corrective pattern from 1.0915. Intraday bias is back on the downside for 1.0602 support next. On the upside, break of 1.0747 resistance is needed to sign short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
In the bigger picture, price actions from 1.0503 are still seen as a consolidation pattern. With 1.1059 cluster resistance (38.2% retracement of 1.2004 to 1.0503 at 1.1076) intact, the 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.
