Daily Pivots: (S1) 1.0837; (P) 1.0849; (R1) 1.0871; More…
Break of 1.0869 temporary top suggests resumption of recent rebound from 1.0629. Intraday bias is back on the upside for 1.0897 resistance first. t. Decisive break there should confirm our bullish view of reversal and will target 1.0999 resistance next. On the downside, break of 1.0798 support will is needed to indicate short term topping. Otherwise, outlook will remain cautiously bullish in cas of retreat.
In the bigger picture, the price actions from 1.1198 are seen as a corrective move. Current strong rebound is raising the chance that it’s completed after defending 38.2% retracement of 0.9771 to 1.1198 at 1.0653. Decisive break of 1.0999 resistance will target a test on 1.1198 high. For now, this will be the preferred case as long as 1.0652 support holds.
