Daily Pivots: (S1) 1.0625; (P) 1.0643; (R1) 1.0656; More…
At this point, we’re still looking for strong support from 1.0629 to contain downside to bring rebound. Break of 1.0737 resistance will confirm short term bottoming, and turn bias to the upside. However, sustained break of 1.0629 will extend larger down trend to 100% projection of 1.1476 to 1.0811 from 1.1059 at 1.0394 next.
In the bigger picture, down trend from 1.2004 is (2018 high) is still in progress. While initial support might be seen from 1.0629 on first attempt, outlook will stay bearish as long as 1.1059 resistance holds. Decisive break of 1.0629 will pave the way to parity next.
