Daily Pivots: (S1) 0.9123; (P) 0.9182; (R1) 0.9235; More…
Rebound from 0.9056 short term top is still in favor to continue to 0.9376 cluster resistance (38.2% retracement of 0.9901 to 0.9056 at 0.9379). But upside should be limited there to bring another decline. On the downside, below 0.9121 minor support will bring retest of 0.9056 low. However, sustained break of 0.9376/9 will bring stronger rally to 61.8% retracement at 0.9578.
In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low). Current development suggests that such pattern is still extending. Sustain trading below 100% projection of 1.0342 to 0.9186 from 1.0237 at 0.9081 will pave the way to 138.2% projection at 0.8639. On the upside, break of 0.9376 resistance is needed to be the first sign of medium term bottoming.
