Daily Pivots: (S1) 0.8829; (P) 0.8867; (R1) 0.8902; More…
Break of 0.8904 suggests resumption of rebound from 0.8786 short term bottom. Intraday bias is back on the upside for 55 day EMA (now at 0.8961). Sustained break will pave the way back to retest 0.9324 high. On the downside, however, firm break of 61.8% retracement of 0.8472 to 0.9324 at 0.8797 will target 0.8472 low.
In the bigger picture, the failure to sustain above 0.9305 (2017 high) suggests that consolidation from there is extending. Breach of 0.8472 cannot be ruled out but downside should be contained by 38.2% retracement of 0.6935 (2015 low) to 0.9305 at 0.8400. On the upside, firm break of 0.9327 will confirm up trend resumption.
