Daily Pivots: (S1) 1.1760; (P) 1.1790; (R1) 1.1842; More….
The break of 1.1804 minor resistance suggests short term bottoming at 1.1703, just ahead of 38.2% retracement of 1.0635 to 1.2348 at 1.1694. Intraday bias is turned back to the upside for 1.1988 resistance first. Break there will add to the case that whole correction from 1.2348 has completed. Further rally would then be seen to 1.2242 resistance for confirmation. For now, this will be the preferred case as long as 1.1703 support holds.
In the bigger picture, rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally could 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 1.1602 support holds. However, sustained break of 1.1602 will argue that whole rise from 1.10635 has completed. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289.
