Daily Pivots: (S1) 1.1042; (P) 1.1069; (R1) 1.1086; More…
Break of 1.1053 minor support suggests that recovery from 1.0989 has completed at 1.1097. Intraday bias is back on the downside for 1.0989 first. Break will resume the fall from 1.1175 to retest 1.0879 low. For now, risk will remain on the downside as long as 1.1097 resistance holds, in case of recovery.
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.
