Daily Pivots: (S1) 0.6356; (P) 0.6407; (R1) 0.6441; More...
A temporary low should be in place at 0.6371 with today’s rebound and intraday bias is turned neutral first. Some consolidations would be seen but further decline is expected as long as 0.6511 support turned resistance holds. On the downside, below 0.6371 will resume the fall from 0.6941 to 0.6348 support, and then 0.6269. Nevertheless, considering bullish convergence condition in 4H MACD, firm break of 0.6511 will confirm short term bottoming, and turn bias back to the upside for 55 D EMA (now at 0.6575) next.
In the bigger picture, price actions from 0.6169 (2022 low) are seen as a medium term consolidation to the down trend from 0.8006. More sideway trading could be seen above 0.6169, but overall outlook will stay bearish as long as 0.6941 resistance holds. Firm break of 0.6169 will resume the down trend to 61.8% projection of 0.8006 to 0.6169 from 0.6941 at 0.5806 next.
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