Daily Pivots: (S1) 1.0948; (P) 1.0977; (R1) 1.1013; More…
Intraday bias remains neutral for the moment. On the upside, firm break of 1.1094 will resume larger up trend to 1.1273 fibonacci level. However, considering bearish divergence condition in 4H MACD, break of 1.0908 support will indicate short term topping and turn bias back to the downside. Further break of 1.0830 will target 1.0515 key support level.
In the bigger picture, rise from 0.9534 (2022 low) is in progress for 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273. Sustained break there will solidify the case of bullish trend reversal and target 1.2348 resistance next (2021 high). This will now remain the favored case as long as 1.0515 support holds, even in case of deeper pull back.
