Daily Pivots: (S1) 1.0788; (P) 1.0812; (R1) 1.0861; More…
Break of 1.0834 support turned resistance argues that fall from 1.0980 has completed with three waves down to 1.0723. Rise from there is currently seen as the third leg of the corrective pattern from 1.0694. Intraday bias is back on the upside for 1.0941/0980 resistance zone. On the downside, though, below 55 4H EMA (now at 1.0807) will bring retest of 1.0694/0723 support zone instead.
In the bigger picture, price actions from 1.1274 are viewed as a corrective pattern to rise from 0.9534 (2022 low). Rise from 1.0447 is seen as the second leg. While further rally could cannot be ruled out, upside should be limited by 1.1274 to bring the third leg of the pattern. Meanwhile, sustained break of 1.0694 support will argue that the third leg has already started for 1.0447 and possibly below.
 will bring retest of 1.0694/0723 support zone instead.){kind=link}