Daily Pivots: (S1) 0.6859; (P) 0.6884; (R1) 0.6898; More…
A temporary low is in place at 0.6862 with today’s recovery. Intraday bias is turned neutral for consolidations. Upside should be limited well below 0.7082 resistance to bring fall resumption. On the downside, below 0.6862 will target 0.6831 low first. Break of 0.6831 will extend the fall from 0.7295 and target 0.6722 low next.
In the bigger picture, with 0.7393 key resistance intact, medium term outlook remains bearish. The decline from 0.8135 (2018 high) is seen as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.
