Daily Pivots: (S1) 0.6736; (P) 0.6758; (R1) 0.6771; More…
With 0.6806 minor resistance intact, intraday bias stays on the downside for retesting 0.6677. Break will resume larger down trend. On the upside, above 0.6806 minor resistance will turn intraday bias neutral again. But risk will stay on the downside as long as 0.6894 resistance holds.
In the bigger picture, decline from 0.8135 (2018 high) is seen as resuming the long term down trend from 1.1079 (2011 high). Next target is 0.6008 (2008 low). On the upside, break of 0.7082 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish even in case of strong rebound.
