Daily Pivots: (S1) 0.7667; (P) 0.7699; (R1) 0.7762; More….
Immediate focus is on 0.7792 resistance as rebound from 0.7603 extends. Firm break there will confirm short term bottoming. Further rise should be seen to 55 D EMA (now at 0.7917. Meanwhile, break of 0.7603 will resume the larger down trend to 0.7382 projection level next.
In the bigger picture, larger down trend from 1.0342 (2017 high) is still in progress and resuming. Next target is 100% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.7382. In any case, outlook will stay bearish as long as 55 W EMA (now at 0.8166) holds.
