Daily Pivots: (S1) 0.9335; (P) 0.9348; (R1) 0.9372; More….
Focus is immediately on 0.9248 support with today’s sharp fall. break will confirm short term topping and bring deeper fall back to 0.9084 support. Firm break there will indicate completion of whole choppy rise from 0.8925. On the upside, though, break of 0.9372 will resume the rise towards 0.9471 key resistance.
In the bigger picture, as long as 0.9471 resistance holds, larger down trend from 1.0237 (2018 high) could still extend through 0.8756 low. However, sustained break of 0.9471 will revive the case of medium term bullish reversal. In this case, we’d assess the change of retesting 1.0342 high at a later stage, by looking at the upside momentum first.
