Daily Pivots: (S1) 1.1354; (P) 1.1426 (R1) 1.1549;
Consolidation from 1.1096 is still in progress. And another rise could be seen to above 1.1532. But in that case, we'd continue to expect strong resistance from 1.1678 to limit upside and bring down trend resumption. Below 1.1302 will turn bias to the downside and target 1.1096 first. Break there will extend recent down trend to next fibonacci level at 1.0283.
In the bigger picture, overall price actions from 1.6039 long term top is viewed as a corrective pattern. Fall from 1.3993 is the third leg of such pattern and should target 100% projection of 1.6039 to 1.2329 from 1.3993 at 1.0283 next. On the upside, break of 1.2042 support turned resistance is needed to indicate medium term reversal. Otherwise, outlook will stay bearish.
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