Daily Pivots: (S1) 1.2880; (P) 1.2940; (R1) 1.2980; More…
At this point, we’d still expect strong support from 1.2886 to contain downside to complete the decline from 1.3225. On the upside, break of 1.3063 minor resistance will turn bias back to the upside for 1.3225 first. However, break of 1.2886 will resume whole choppy fall from 1.3385 and could target 1.2526 support next.
In the bigger picture, strong rebound ahead of 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level retains medium term bullishness. That is, rise from 2017 low at 1.2061 is still in progress. Break of 1.3384 should target 61.8% retracement of 1.4689 (2015 high) to 1.2061 (2017 low) at 1.3685. On the downside, as long as 1.2886 support holds, outlook will now remain bullish.
