Daily Pivots: (S1) 1.1148; (P) 1.1187; (R1) 1.1213; More…..

The breach of 1.1173 minor support suggests that consolidation from 1.1111 has completed at 1.1263. Intraday bias is mildly on the downside for retesting 1.1111. Decisive break there will resumer larger down from from 1.2555 to 100% projection of 1.1448 to 1.1183 from 1.1324 at 1.1059. Though, on the upside, above 1.1224 minor resistance will turn bias back to the upside to extend the consolidation from 1.1111 first.

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In the bigger picture, down trend from 1.2555 (2018 high) has just resumed. 61.8% retracement of 1.0339 (2016 low) to 1.2555 (2018 high) at 1.1186 was also taken out. Current fall should now target 78.6% retracement at 1.0813. Sustained break there will pave the way to retest 1.0339. On the downside, break of 1.1448 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.


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