Daily Pivots: (S1) 0.9984; (P) 1.0038; (R1) 1.0076; More…
Current development suggests that 1.0094 is at least a near term top, after failing to sustain above 1.0067 resistance. Intraday bias will remain mildly on the downside for 0.9848/9954 support zone. On the upside, though, break of 1.0094 and sustained trading above 1.0067 will confirm resumption of larger rise from 0.9186 and should target 1.0342 key resistance next.
In the bigger picture, the pullback from 1.0067 has completed at 0.9541 already. And rise from 0.9186 is likely resuming. Firm break of 1.0067 will pave the way to retest 1.0342 key resistance. We’d be cautious on strong resistance from there to limit upside to bring another medium term fall to extend long term range trading.
