Focus is back on 1.0520 minor supports. Break will firstly indicate that rebound from 1.0165 has completed at 1.0624. More importantly, this will raise this odds that whole rise from 0.9588 has completed too ahead of upper trend line resistance. In such case, bias will be flipped back to the downside for 1.0165 supports next. On the upside, break of 1.0624 is needed to confirm rally resumption. Otherwise, we'll stay neutral first.

In the bigger picture, price actions from 1.1079 high are treated as a consolidation pattern in the larger up trend, in form of a triangle. Fall from 1.0612 could be the fifth and final leg in this pattern. No change in these views. The break of 1.0612 resistances argues that the consolidation pattern might be finished at 1.0165 already. Break of 1.0852 resistances will indicate that the larger up trend is resuming and would pave the way to another high above 1.1079. On the downside, break of 1.0165 will instead bring another decline to extend the consolidation pattern.

coz forex charts:

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