Daily Pivots: (S1) 0.9227; (P) 0.9255; (R1) 0.9272; More….
Break of 0.9231 suggests resumption of correction form 0.9471. Intraday bias is back on the downside for 38.2% retracement of 0.8756 to 0.9471 at 0.9198. We’d expect strong support from there to bring rebound. On the upside, above 0.9280 will turn bias to the upside for rebound back towards 0.9471 high. However, sustained break of 0.9198 will bring deeper fall to 61.8% retracement at 0.9029.
In the bigger picture, fall from 1.0237 should have completed at 0.8756, on bullish convergence condition in daily and weekly MACD. Current rally from 0.8756 should target 0.9901 resistance first. Break there will target 1.0237/0342 resistance zone in the medium term. However, sustained trading below 55 day EMA (now at 0.9192) will dampen revive medium term bearishness for down trend extension through 0.8756 at a later stage.
