Daily Pivots: (S1) 1.7657; (P) 1.7682; (R1) 1.7726; More…
Immediate focus is on 55 D EMA (now at 1.7726) as rebound from 1.7477 extends. Sustained break there would argue that fall from 1.8160 has completed, and bring stronger rise back to 1.7976 resistance next. Rejection by 55 D EMA will keep near term outlook bearish. Below 1.7477 will target 1.7245 support and possibly below. Overall, price actions from 1.8554 are seen as a corrective pattern that would still extend.
In the bigger picture, as long as 55 W EMA (now at 1.7465) holds, price actions from 1.8554 could still be a correction to rise from 1.5963 only. However, sustained break of the EMA will argue that it’s already correcting the whole up trend from 1.4281 (2022 low). In this case, deeper decline would be seen to 38.2% retracement of 1.4281 to 1.8554 at 1.6922.
 as rebound from 1.7477 extends. Sustained break there would argue that fall from 1.8160 has completed, and bring stronger rise back to 1.7976 resistance next. Rejection by 55 D EMA will keep near term outlook bearish. Below 1.7477 will target 1.7245 support and possibly below. Overall, price actions from 1.8554 are seen as a corrective pattern that would still extend.){kind=link}