Daily Pivots: (S1) 0.9303; (P) 0.9346; (R1) 0.9369; More….
Break of 0.9343 resistance turned support suggests that rebound from 0.9204 has completed as a three-wave corrective move at 0.9417. Intraday bias is back on the downside fro 0.9254 support first. Firm break there will bring deeper fall to 0.9209 key support again. For now, risk will be mildly on the downside as long as 0.9417 resistance holds, in case of recovery.
In the bigger picture, a medium term bottom is probably in place at 0.9204. More consolidations would be seen above there with risk of stronger rebound to 38.2% retracement of 0.9928 to 0.9204 at 0.9481. But outlook will remain bearish as long as 0.9481 holds and another fall through 0.9204 to resume larger down trend is in favor.
