Daily Pivots: (S1) 0.7723; (P) 0.7770; (R1) 0.7814; More…
A temporary top is formed at 0.7819 and intraday bias is turned neutral first. Further rise is expected as long as 0.7641 support holds. Above 0.7819 will extend the up trend from 0.5506 to 61.8% projection of 0.5506 to 0.7413 from 0.6991 at 0.8170. However, break of 0.7641 will indicate short term topping, on bearish divergence condition in 4 hour MACD. Intraday bias will be turned back to the downside for deeper correction.
In the bigger picture, whole down trend from 1.1079 (2001 high) should have completed at 0.5506 (2020 low) already. Rise form 0.5506 could either the start of a long term up trend, or a corrective rise. Reactions to 0.8135 key resistance will reveal which case it is.
