Daily Pivots: (S1) 1.0840; (P) 1.0852; (R1) 1.0871; More….
Current development suggests that fall from 1.1149 has completed at 1.0694 already. Intraday bias stays on the upside for 1.0985 resistance next. Firm break there will bring further rise to retest 1.1149 high. On the downside, however, break of 1.0780 minor support will turn bias back to the downside for retesting 1.0694 low instead.
In the bigger picture, rebound from 1.0505 (2020 low) should have completed at 1.1149 already. The three-wave corrective structure argues that the downtrend from 1.2004 (2018 high) is not over yet. Medium term outlook will now stay bearish as long as 55 week EMA (now at 1.0859) holds. Break of 1.0505 low would be seen at a later stage.
