Daily Pivots: (S1) 0.8815; (P) 0.8843; (R1) 0.8860; More…
With 0.8807 minor support intact, rebound from 0.8670 short term bottom is still in favor to extend. Further rise would be seen to 38.2% retracement of 0.9499 to 0.8670 at 0.8987. Break of 0.8987 should target 61.8% retracement at 0.9182 and above. On the downside, though, break of 0.8807 minor support will turn bias back to the downside for 0.8670.
In the bigger picture, while the pull back from 0.9499 is deep, there is no sign of trend reversal yet. The up trend from 0.6935 (2015 low) should resume at a later stage to 61.8% projection of 0.6935 to 0.9263 from 0.8276 at 0.9715. This will remain the favored case as long as 0.8276 support holds.
