Daily Pivots: (S1) 0.6746; (P) 0.6775; (R1) 0.6810; More…
Immediate focus is now on 0.6804 resistance as rebound from 0.6572 extends. Decisive break there will indicate completion of whole fall from 0.7156, and turn near term outlook bullish for retesting this high. rejection by 0.6804 will retain near term bearishness, and down trend resumption through 0.6563 low is in favor at a later stage. Below 0.6716 minor support will bring retest of 0.6563 low.
In the bigger picture, as long as 61.8% retracement of 0.6169 to 0.7156 at 0.6546 holds, the decline from 0.7156 is seen as a correction to rally from 0.6169 (2022 low) only. Another rise should still be seen through 0.7156 at a later stage. However, sustained break of 0.6546 will raise the chance of long term down trend resumption through 0.6169 low.
