Daily Pivots: (S1) 0.8648; (P) 0.8679; (R1) 0.8730; More…
Break of 0.8631 support suggests short term topping at 0.8710, on bearish divergence condition in 4H MACD, after hitting 38.2% retracement of 0.9223 to 0.8374 at 0.8698. Intraday bias is back on the downside for 55 D EMA (now at 0.8613). On the upside, firm break of 0.8710 will resume the rebound from 0.8374.
In the bigger picture, price actions from 0.8332 (2023 low) are currently seen as a medium term corrective pattern, with fall from 0.9223 as the second leg. Strong support could be seen from 0.8332 to bring rebound. Yet, overall outlook will continue to stay bearish as long as 0.9243 resistance holds. Firm break of 0.8332, however, will resume larger down trend from 1.0146 (2022 high).
. On the upside, firm break of 0.8710 will resume the rebound from 0.8374.){kind=link}