Daily Pivots: (S1) 1.2654; (P) 1.2681; (R1) 1.2700; More….

Current development argues that recovery from 1.2559 has completed at 1.2763 already. Intraday bias is mildly on the downside for retesting 1.2559 first. Break will resume larger decline from 1.3381 for 1.2391 low next. On the upside, in case of another rise, upside should be limited by by 1.2865 support turned resistance to bring fall resumption eventually.

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In the bigger picture, medium term decline from 1.4376 (2018 high) is possibly ready to resume. Decisive break of 1.2391 would target a test on 1.1946 long term bottom (2016 low). For now, we don’t expect a firm break there yet. Hence focus will be on bottoming signal as it approaches 1.1946. In any case, medium term outlook will stay bearish as long as 1.3381 resistance holds, in case of strong rebound.

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