Daily Pivots: (S1) 1.2272; (P) 1.2304; (R1) 1.2322; More….
Break of 1.2204 minor temporary low suggests resumption of fall from 1.2582. Corrective rebound from 1.1958 should have completed at 1.2582. Intraday bias is back on the downside for retesting 1.1946/58 key support zone. on the upside, though, above 1.2413 will bring another rebound to 1.2582 resistance instead.
In the bigger picture, we’d remain cautious on medium term bottoming around 1.1946 (2016 low). Sustained trading above 55 week EMA (now at 1.2727) will extend the consolidation pattern from 1.1946 with another rise to 1.4376 resistance. Nevertheless, decisive break of 1.1946 will resume down trend from 2.1161 (2007 high) to 61.8% projection of 1.7190 to 1.1946 from 1.4376 at 1.1135.
