Daily Pivots: (S1) 1.0808; (P) 1.0829; (R1) 1.0856; More….
Break of 1.0827 resistance indicates resumption of rise from 1.0661 and intraday bias is back on the upside. As noted before, consolidation pattern from 1.0915 should have completed with three waves to 1.0661. Break of 1.0877 resistance will resume the whole rebound from 1.0503. On the downside, break of 1.0790 support will dampen this bullish case and might extend the consolidation with another decline.
In the bigger picture, price actions from 1.0503 are still seen as a consolidation pattern. With 1.1059 cluster resistance (38.2% retracement of 1.2004 to 1.0503 at 1.1076) intact, the down trend from 1.2004 (2018 high) would still extend through 1.0503 low at a later stage. However, sustained break of 1.1059/76 will argue that rise from 1.0503 is starting a new up trend and would target 61.8% retracement at 1.1431 and above.
