Daily Pivots: (S1) 0.9959; (P) 1.0001; (R1) 1.0027; More….
A temporary top was formed at 1.0040 with current retreat. Intraday bias is turned neutral first. Outlook is unchanged that corrective pattern from 1.0095 should have completed with three waves down to 0.9844. Above 1.0040 will bring retest of 1.0095 high. However, sustained break of 4 hour 55 EMA (now 0.9930) will delay the bullish case and bring deeper pull back first.
In the bigger picture, with 0.9832 support intact, rise from 0.9407 (2022 low) is still expected to continue. Break of 1.0095 and sustained trading above 55 week EMA (now at 1.0021) will be a medium term bullish signal, and bring further rally to 1.0505 cluster resistance (2020 low at 1.0505, 61.8% retracement of 1.1149 to 0.9407 at 1.1484). However, firm break of 0.9832 support will revive medium term bearishness and bring retest of 0.9407 low instead.
