Daily Pivots: (S1) 1.7129; (P) 1.7247; (R1) 1.7310; More…
Current steep decline suggests that corrective pattern from 1.7417 is extending with another falling leg. Intraday bias is turned neutral first. Downside should be contained by 38.2% retracement of 1.6355 to 1.7417 at 1.7011 to bring rebound. On the upside, break of 1.7364 will suggest that larger up trend is ready to resume. However, firm break of 1.7011 will bring deeper correction to 55 D EMA (now at 1.6888).
In the bigger picture, up trend from 1.4281 (2022 low) is resuming and should target 61.8% projection of 1.4281 to 1.7062 from 1.5963 at 1.7682, which is also close to 61.8% retracement of 1.9799 (2020 high) to 1.4281 at 1.7691. For now, this will remain the favored case as long as 1.6800 resistance turned support holds, even in case of deep pullback.
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