Daily Pivots: (S1) 1.1892; (P) 1.1929; (R1) 1.1974; More…..
Intraday bias stays on the upside at this point. Current rally should now target 61.8% projection of 1.1255 to 1.1965 from 1.1762 at 1.2201. On the downside, below 1.1921 minor support will turn intraday bias neutral. But break of 1.1762 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, down trend from 1.2555 (2018 high) has completed at 1.0635 already. Rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally rise should be seen to cluster resistance at 1.2555 next, (38.2% retracement of 1.6039 to 1.0339 at 1.2516 ). This will remain the favored case as long as 1.1422 resistance turned support holds.
