Daily Pivots: (S1) 0.7622; (P) 0.7661; (R1) 0.7695; More…
Break of 0.7624 support indicates that larger decline from 0.8124 is resuming. Intraday bias is back on the downside. Deeper fall should be seen to next key cluster level at 0.7322/8. Nonetheless, break of 0.7694 resistance will now indicate short term bottoming and turn bias back to the upside for 0.7896 resistance and possibly above.
In the bigger picture, corrective rise from 0.6826 medium term bottom is likely completed at 0.8124, after hitting 55 month EMA (now at 0.8067). Decisive break of 0.7328 key cluster support (61.8% retracement 0.6826 to 0.8124 at 0.7322) will confirm. And in that case, long term down trend from 1.1079 (2011 high) will likely be resuming. Break of 0.6826 will target 61.8% projection of 1.1079 to 0.6826 from 0.8124 at 0.5496. This will now be the favored case as long as 0.7896 near term resistance holds.
