Trading condition of the cross is neutral. The consolidation from 1.1366 is resuming. If another recommencement occurs, 38.2% retracement of 1.2004 to 1.1366 at 1.1610 would restrict upside and cause further fall. Following pivot points include: (S1) 1.1470; (P) 1.1521; (R1) 1.1579.
Breach of 1.1366 will expand the drop from 1.2004 and head towards another key support region between 1.1154 and 1.1198.
There has been a strong rejection from prior SNB imposed floor of 1.2000. A medium term top could be formed at 1.2004, basing on a bearish divergence condition in daily MACD. Price dynamic from 1.2004 is seen as correction for the uptrend from 1.0629. Larger decline should align a 1.1198 key cluster level, 61.8% retracement of 1.0629 to 1.2004 at 1.1154. Sustained support from that area should restrain downside and draw recoil.