Daily Pivots: (S1) 1.0502; (P) 1.0558 (R1) 1.0591; More…..
Break of 1.0520 support confirms resumption of fall from 1.0828. Intraday bias is back on the downside for 1.0339 low. As noted before, corrective rise from 1.0339 has completed at 1.0828 already. Fall from there is likely resuming larger down trend. Break of 1.0339 low will confirm our bearish view and target parity. On the downside, break of 1.0678 is needed to confirm completion of fall from 1.0828. Otherwise, outlook will remain mildly bearish in case of recovery.
In the bigger picture, whole down trend from 1.6039 (2008 high) is in progress. Such down trend is expected to extend to 61.8% projection of 1.3993 to 1.0461 from 1.1298 at 0.9115. On the upside, break of 1.1298 resistance is needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.