Daily Pivots: (S1) 1.0940; (P) 1.0965; (R1) 1.1002; More….
Intraday bias remains neutral for the moment. On the upside, break of 1.1073 resistance will suggest that consolidation pattern from 1.1149 has completed. Intraday bias will be turned back to the upside for 1.1149 and above, to resume larger rise from 1.0503. However, firm break of 1.0915 resistance turned support will suggest bearish reversal and turn bias to the downside.
In the bigger picture, whole down trend from 2004 (2018 high) should have completed at 1.0503. Rise from there is starting a medium term up trend. Next target is 61.8% retracement of 1.2004 to 1.0503 at 1.1431 and above. This will now remain the favored case as long as 1.0915 resistance turned support holds. However, sustained break of 1.0915 will argue that rise from 1.0503 might be completed, and bring deeper fall to 1.0737 support next.
