Daily Pivots: (S1) 1.1735; (P) 1.1771; (R1) 1.1827; More…..
Intraday bias stays mildly on the upside despite loss of upside momentum. Firm break of 100% projection of 1.0774 to 1.1422 from 1.1168 at 1.1816 will target 161.8% projection at 1.2216 next. On the downside, below 1.1640 minor support will turn intraday bias neutral and bring consolidations first. But downside of retreat should be contained by 1.1422 resistance turned support and bring another rally.
In the bigger picture, the strong break of 1.1496 resistance now suggests that whole down trend from 1.2555 (2018 high) has completed at 1.0635 already. Rise form 1.0635 should be the third leg of the pattern from 1.0339 (2017 low). Further rise should be seen to cluster resistance at 1.2555 next, (38.2% retracement of 1.6039 to 1.0339 at 1.2516 ). This will remain the favored case as long as 1.1168 support holds.
