Daily Pivots: (S1) 1.3616; (P) 1.3630; (R1) 1.3649; More…
Break of 1.3652 resistance suggests that a short term bottom was formed at 1.3588, after hitting 1.3589 support. Intraday bias is back on the upside for 13790 resistance. On the downside, firm break of 1.3589 will extend the corrective pattern from 1.3845 to 100% projection of 1.3845 to 1.3589 from 1.3790 at 1.3534.
In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern. In case of another fall, strong support should emerge above 1.2947 resistance turned support to bring rebound. Firm break of 1.3976 will confirm up resumption of whole up trend from 1.2005 (2021 low). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3176 at 1.4149.
