Daily Pivots: (S1) 1.2840; (P) 1.2872; (R1) 1.2935; More…
Immediate focus is now on 1.2963 minor resistance as rebound from 1.2796 extends. Firm break there will indicate that pull back from 1.3141 has completed. Intraday bias will be back on the upside for retesting this high next. On the downside, break of 1.2796 will resume the fall from 1.3141 to 55 D EMA (now at 1.2721) and possibly below.
In the bigger picture, as long as 1.2678 resistance turned support holds, rise from 1.0351 (2022 low) is expected to continue. Next target is 100% projection of 1.0351 to 1.2445 from 1.1801 at 1.3895. However, sustained break of 1.2678 will argue that it’s at least correcting this rally, with risk of bearish reversal.
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