Daily Pivots: (S1) 1.0423; (P) 1.0458; (R1) 1.0485; More….
A temporary top was formed at 1.0513, just ahead of 100% projection of 0.9970 to 1.0086 from 1.0400 at 1.0516. Intraday bias is turned neutral first. For now, further rise is still in favor as long as 1.0369 resistance turned support holds. Sustained break of 1.0505 long term resistance will carry larger bullish implications. Next target is 161.8% projection at 1.0782. However, break of 1.0369 will indicate rejection by 1.0505 and turn bias back to the downside for 1.0186 support.
In the bigger picture, as long as 1.0505 support turned resistance (2020 low) holds, long term down trend from 1.2004 (2018 high) is expected to continue. Next target is 100% projection of 1.2004 to 1.0505 to 1.1149 at 0.9650. However, firm break of 1.0505 will suggest medium term bottoming, and bring stronger rebound towards 1.1149 structural resistance.
