Daily Pivots: (S1) 1.1052; (P) 1.1071; (R1) 1.1092; More…
Break of 1.1073 minor resistance argues that fall from 1.1175 is merely a corrective pull back and has completed at 1.0989. Intraday bias is back on the upside for 1.1175 first. Break there will resume whole rebound from 1.0879 low. On the downside, though, break of 1.0989 will resume the decline from 1.1175 for retesting 1.0879 low.
In the bigger picture, at this point, rebound from 1.0879 is seen as a corrective move first. in case of another rise, upside should be limited by 38.2% retracement of 1.2555 to 1.0879 at 1.1519. And, down trend from 1.2555 (2018 high) would resume at a later stage. However, sustained break of 1.1519 will dampen this bearish view and bring stronger rise to 61.8% retracement at 1.1915 next.
