Daily Pivots: (S1) 0.8998; (P) 0.9025; (R1) 0.9044; More….
Break of 0.8952 support indicates resumption of fall from 0.9111. Intraday bias is back on the downside for 0.8886 support first. Firm break there will also resume the whole decline from 0.9243, and target 100% projection of 0.9243 to 0.8886 from 0.9111 at 0.8754. For now, risk will stay on the downside as long as 0.9051 resistance holds, in case of recovery.
In the bigger picture, outlook is mixed up by the deeper than expected pull back from 0.9243. Yet there was no follow through selling after hitting 0.8886. On the upside, break of 0.9243 resistance will revive the case of medium term bottoming at 0.8851, and turn outlook bullish. However, sustained break of 61.8% retracement of 0.8551 to 0.9243 at 0.8815 will argue that larger decline from 1.0146 is ready to resume through 0.8551 low.
