Daily Pivots: (S1) 1.2612; (P) 1.2659; (R1) 1.2686; More….
Current development suggests that corrective rebound from 1.2506 has completed at 1.2783 already. Intraday bias is back on the downside for retesting 1.2506 support first. Break will resume larger fall from 1.3381 to 1.2391 low. On the upside, above 1.2734 minor resistance will extend the rebound. But upside should be limited by 38.2% retracement of 1.3381 to 1.2506 at 1.2840 to bring fall resumption eventually.
In the bigger picture, down trend from 1.4376 (2018 high) is still in progress. 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.
