Daily Pivots: (S1) 0.8430; (P) 0.8444; (R1) 0.8473; More…
The break of 0.8461 minor resistance suggests that pull back from 0.8529 is completed at 0.8404. Intraday bias is turned back to the upside for 0.8529. Break there will resume the rebound from 0.8312 towards 0.8786 resistance. On the downside, below 0.8404 will turn focus back to 0.8303 low instead. Overall, price actions form 0.9304 are seen as a corrective pattern and is extending.
In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. In case of deeper fall, we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside. Rise from 0.6935 (2015 low) will resume at a later stage to 0.9799 (2008 high). However, sustained break of 0.8116 could bring deeper decline to next key support level at 0.7564 before the correction completes.
