Daily Pivots: (S1) 0.8285; (P) 0.8316; (R1) 0.8353; More…
The break of 0.8304 support turned resistance suggests short term bottoming at 0.8201. Intraday bias is now mildly on the upside for 0.8405 resistance first. Break there will target key structural resistance at 0.8476. On the downside, however, break of 0.8201 will resume larger down trend.
In the bigger picture, the down trend from 0.9499 is expected to continue as long as 0.8476 resistance holds. Sustained trading below 0.8276 support will argue that the whole up trend from 0.6935 (2015 low) has reversed. Deeper fall should be seen to 61.8% retracement of 0.6935 to 0.9499 at 0.7917 next.
