Daily Pivots: (S1) 1.0946; (P) 1.0972; (R1) 1.0985; More…
Break of 1.0974 support suggests that corrective rebound form 1.0811 has completed at 1.1059 already. Intraday bias is back on the downside. Further fall should be seen to retest 1.0811 low. On the upside, break of 1.1012 minor resistance will delay the bearish case and turn intraday bias neutral first. But in case of another rise, we’d still expect strong resistance from 1.1062 cluster resistance (38.2% retracement of 1.1476 to 1.0811 at 1.1065) to limit upside.
In the bigger picture, down trend from 1.2004 is (2018 high) is still in progress. More importantly, it’s likely a long term down trend itself, rather than a correction. Further fall should be seen to 1.0629 support and possibly below. On the upside, break of 1.1162 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.
