Daily Pivots: (S1) 1.5422; (P) 1.5461; (R1) 1.5527; More…
A temporary low is formed at 1.5393, ahead of 161.8% projection of 1.6434 to 1.5907 from 1.6232 at 1.5379. Intraday bias is turned neutral first, but further fall is expected as long as 1.5598 resistance holds. Firm break of 1.5379 will pave the way to retest 1.5250 low. However, break of 1.5598 minor resistance will indicate short term bottoming, and turn bias to the upside for stronger rebound to 55 day EMA (now at 1.5821).
In the bigger picture, with 38.2% retracement of 1.9799 to 1.5250 at 1.6988 intact, the down trend from 1.9799 (2020 high) is expected to resume at a later stage. Firm break of 1.5250 will target 61.8% retracement of 1.1602 (2012 low) to 1.9799 at 1.4733. In any case, sustained break of 1.6988 fibonacci level is needed to indicate long term reversal.
