Daily Pivots: (S1) 0.6935; (P) 0.7025; (R1) 0.7201; More

With 0.7140 resistance intact, outlook remains unchanged. Rise from 0.6075, which is treated as the third leg of consolidation from 0.6008, might have completed at 0.7140. Below 0.6760 will indicate that fall from 0.7140 has resumed. Further break of 0.6486 will confirm this case and deeper decline should then be seen to retest 0.6008 low. On the upside, though, break of 0.7140 will indicate that rise from 0.6075 is still in progress for 38.2% retracement of 0.9849 to 0.6008 at 0.7475 before completion.

In the bigger picture, whole fall from 0.9849 made a bottom at 0.6008 and turned into sideway consolidation since then. However, note that the impulsive nature of the fall from 0.9849 to 0.6008 indicate that price actions from 0.6008 is developing into correction/consolidation only. The long term down trend is still expected to resume after completing the consolidation. Sustained break of 0.6008 will indicate that the down trend from 0.9849 has resumed for at least another five wave medium term decline, targeting 0.4773 (01 low). But, note that as long as 0.6008 low holds, consolidation from could still extend further. Above 0.7140 will target 38.2% retracement of 0.9849 to 0.6008 at 0.7475 before completing the consolidation.