Daily Pivots: (S1) 1.0178; (P) 1.0220; (R1) 1.0281; More….
Intraday bias remains on the downside at this point. Sustained break of 61.8% projection of 1.0936 to 1.0298 from 1.0610 at 1.0216 will pave the way to 100% projection at 0.9972. On the upside, break of 1.0336 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
In the bigger picture, long term down trend from 1.2004 (2018 high) is still in progress. Firm break of 61.8% projection of 1.2004 to 1.0505 to 1.1149 at 1.0223 will pave the way to 100% projection at 0.9650. In any case, break of 1.0610 resistance is needed to be the first sign of bottoming. Otherwise, outlook will remain bearish.
