Daily Pivots: (S1) 0.6817; (P) 0.6840; (R1) 0.6872; More…

A temporary top is in place at 0.6876 with 4 hour MACD crossed below signal line. Intraday bias is turned neutral first. With 0.6807 minor support intact, further rise is still in favor. On the upside, above 0.6876 will target 0.6910 support turned resistance, and possibly above. At this point, such rebound is seen as a corrective move, thus, upside should be limited below 0.7082 resistance to bring fall resumption. On the downside, below 0.6807 minor support will turn intraday bias back to the downside for retesting 0.6677 low.

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In the bigger picture, decline from 0.8135 (2018 high) is seen as resuming the long term down trend from 1.1079 (2011 high). Next target is 0.6008 (2008 low). On the upside, break of 0.7082 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish even in case of strong rebound.


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