Daily Pivots: (S1) 0.7485; (P) 0.7519; (R1) 0.7540; More…
The break of 0.7502 minor support suggests that corrective rise from 0.7411 has completed at 0.7604 already. Intraday bias is turned back to the downside for 0.7411 first. Break will resume the larger decline from 0.8135 to cluster support at 0.7328 (61.8% retracement of 0.6826 to 0.8135 at 0.7326). On the upside, above 0.7604 will delay the bearish case and extend the correction from 0.7411 with another rise.
In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move. Prior break of 0.7500 key support suggests that such correction is completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. In case of another rise, we’d expect strong resistance from 38.2% retracement of 1.1079 to 0.6826 at 0.8451 to limit upside to bring long term down trend resumption eventually.
