Daily Pivots: (S1) 0.7902; (P) 0.7934; (R1) 0.7977; More…
As noted before, the pull back from 0.8135 has completed at 0.7758 already. Intraday bias remains on the upside for retesting 0.8135 first. Decisive break there will resume medium term up trend for 0.8451 fibonacci level. On the downside, below 0.7758 will resume the fall towards 0.7500 key support. We’d look for strong support from 0.7500 to contain downside and bring rebound.
In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move. It might still extend higher but we’d expect strong resistance from 38.2% retracement of 1.1079 to 0.6826 at 0.8451 to limit upside to bring long term down trend resumption. On the downside, break of 0.7500 support will now be an important signal that such corrective rebound is completed.
