.Daily Pivots: (S1) 1.0680; (P) 1.0697; (R1) 1.0716; More…
Immediate focus is now on 1.0723 support turned resistance. Rejection from there, followed by break of 1.0677 minor support, will retain near term bearishness. Retest of 1.0601 low would be seen next. Nevertheless, firm break of 1.0723 will bring stronger rebound to 55 D EMA (now at 1.0786) instead.
In the bigger picture, price actions from 1.1274 are viewed as a corrective pattern to rise from 0.9534 (2022 low). Current fall from 1.1138 is seen as the third leg. While deeper decline is would be seen to 1.0447 and possibly below, Strong support should emerge from 61.8% retracement of 0.9534 to 1.1274 at 1.0199 to complete the correction.
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