Daily Pivots: (S1) 1.3459; (P) 1.3492; (R1) 1.3527; More….
With 1.3456 minor support intact, intraday bias remains mildly on the upside for 1.3534 resistance. Break will target 1.3598 high next. Decisive break there will confirm resumption whole medium term rally from 12.460 and target next medium term fibonacci level at 1.3838. . On the downside, below 1.3456 minor support will turn intraday bias neutral and bring consolidation. But retreat should be contained well above 1.3222 support and bring another rally.
In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. The second leg from 1.2460 is likely still in progress and could target 61.8% retracement of 1.4689 to 1.2460 at 1.3838. We’d look for reversal signal there to start the third leg. However, break of 1.2968 will argue that the third leg has already started and should at least bring a retest of 1.2460 low. Meanwhile, sustained trading above 1.3838 would pave the way to retest 1.4689 high.
