Daily Pivots: (S1) 1.1033; (P) 1.1064; (R1) 1.1092; More…
Break of 1.1056 minor support suggests that recovery from 1.0992 might have completed. Intraday bias is back on the downside for 1.0992 support. Break there will turn near term outlook bearish for retest of 1.0879 low. On the upside, above 1.1095 will target 1.1172 resistance first.
In the bigger picture, rebound from 1.0879 is seen as a corrective move at this point. In case of another rise, upside should be limited by 38.2% retracement of 1.2555 to 1.0879 at 1.1519. And, down trend from 1.2555 (2018 high) would resume at a later stage. However, sustained break of 1.1519 will dampen this bearish view and bring stronger rise to 61.8% retracement at 1.1915 next.
