Daily Pivots: (S1) 0.8563; (P) 0.8575; (R1) 0.8586; More….
Despite some loss of downside momentum, there is no sign of bottoming yet. Intraday bias stays on the downside. Fall from 0.8764 should target a retest on 0.8491 low. Firm break there will resume larger down trend. On the upside, above 0.8587 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.
In the bigger picture, current development suggests that down trend from 0.9267 (2022 high) is still in progress. This decline is now seen as the third leg of the pattern from 0.9499 (2020 high). Break of 0.8201 will target 100% projection of 0.9499 to 0.8201 from 0.9267 at 0.7969. In any case, outlook will stay bearish as long as 0.8764 resistance holds.
