Daily Pivots: (S1) 0.7722; (P) 0.7746; (R1) 0.7779; More…
A temporary low is in place at 0.7712 and intraday bias is turned neutral first. Near term outlook remains bearish with 0.7892 resistance holds. Below 0.7712 will extend the fall from 0.8135 to 100% projection of 0.8135 to 0.7758 from 0.7988 at 0.7611.
In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move. It might still extend higher but 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. On the downside, break of 0.7500 support will now be an important signal that such corrective rebound is completed.
