Daily Pivots: (S1) 0.9683; (P) 0.9717; (R1) 0.9738; More…..
With the current sharp decline, focus is back on 0.9640 low. Firm break there will resume the fall from 1.0067 and target 0.9523 fibonacci level next. On the upside break of 0.9766 will argue that the fall from 1.0067 is finished, with bullish convergence condition in 4 hour MACD. In such case, intraday bias will be turned back to the upside for 0.9866 support turned resistance for confirmation.
In the bigger picture, current development suggests that rise from 0.9186 low has completed at 1.0067, after failing to sustain above 1.0037 resistance. Fall from 1.0067 could extend to 61.8% retracement of 0.9816 to 1.0067 at 0.9523 and below. But for now, we don’t expect a break of 0.9186 low. On the upside, firm break of 0.9866 support turned resistance will suggests that fall from 1.0067 has completed and rise from 0.9186 is resuming.
